P.M. BRIEFING : Bond Offers Debt-Equity Swap
PERTH, Australia — Alan Bond’s beleaguered Bond Corp. is hoping that it can stave off liquidation by offering its creditors a debt-for-equity swap scheme, Executive Director Peter Lucas said today.
Any deal would depend on the settlement of competing claims by unsecured U.S. and European creditors for repayment of its debts of about $4.8 billion.
“It has been apparent for several months that it will be creditors who must ultimately decide the company’s fate,” Lucas said in a statement.
Any arrangement would need approval by 75% of creditors, in addition to regulatory and court approval. Lucas said he could not give a timetable.
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