Ashpol discusses restructuring after standstill for 10¾% notes expires

By Angela McDaniels

Tacoma, Wash., June 30 - Ashpol plc is in discussions with a special committee of the Association of British Insurers about a potential restructuring, according to a company news release.

The company failed to pay the Dec. 31, 2009 coupon in full on its £75 million of 10¾% first mortgage debentures due 2025, and the debenture holders voted in favor of a standstill agreement in June 2010. The standstill period expired Thursday.

Fenchurch Advisory Partners is acting as the company's adviser.

Ashpol, a London-based property investment and development company, said it will make a further announcement "in due course."

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