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United Pan-Europe creditors approve recapitalization
By Carlise Newman
Chicago, Feb. 19 - United Pan-Europe Communications NV said creditors approved its recapitalization plan, including nearly unanimous support from bondholders that voted.
The Amsterdam-based broadband and entertainment company said the plan was backed by holders of: $4,340,584,740.43 of its bonds (class 5), or 99.1% of the amount voted; $7,114 of UPC preference shares (class 6) or 100% of the amount voted; and $234,841,533 of UPC ordinary shares A (class 8) or 99.97% of the amount voted.
The confirmation hearing for the reorganization will take place Feb. 20 in the U.S. The Dutch creditors meeting will take place Feb. 28. The company says it remains on track to complete the recapitalization by the end of March 2003.
In addition, United Pan-Europe said the plan received the approval of shareholders. The proposals for the recapitalization included decreasing the nominal value of each issued and outstanding share to €0.02 from €1.00 without repayment; several amendments to UPC's Articles of Association in order to advance the proposed restructuring; the resignations of the members of UPC's board of management and supervisory board, with the effective date of the restructuring or the date of the delisting of UPC ordinary shares A from Euronext Amsterdam; and the appointment of New UPC Inc., a U.S. holding company based in Delaware, as sole managing director of UPC.
The supervisory board and board of management will cease to exist on the date of delisting from Euronext Amsterdam, and UPC NV will become a wholly-owned subsidiary of New UPC on that date. There are no proposals to change the current management team of UPC, who will join some members of the team of UnitedGlobalCom Inc., the parent company of New UPC.
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