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Brazil's Globopar receives bondholder approval to restructure its $1.2 billion of debt
New York, April 22 - Globo Comunicacoes e Participacoes SA said it has received approval from bondholders to exchange $1.2 billion of its outstanding bonds for new bonds and cash.
On Friday, the company said that it has received approval from holders of 81% of the bonds represented at the meeting to restructure the remaining portion of its outstanding debt. As part of the proposal, the company will also swap $250 million 10½% series B guaranteed notes due 2006, $500 million 10 5/8% notes due 2008, €100 million 9¾% notes due 2004 and $100 million 10 5/8% notes due 2004 for new notes and cash. In total, 84% of the bonds were represented at the meeting.
On March 17, the Rio de Janeiro, Brazil-based media company said it received approval on its debt restructuring proposal for $80 million of 9 7/8% notes due 2004 and $100 million of 9 7/8% series A notes guaranteed notes due 2004.
The company said that bondholders would receive notices regarding the commencement of the Dutch auction in the next few weeks.
Bondholder Communications Group (+44 207-236-9788) is information agent.
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