Sterling Biotech holders authorize restructuring for convertible bonds

By Jennifer Chiou

New York, May 30 - Sterling Biotech Ltd. informed the Bombay Stock Exchange that holders of its original $250 million of zero-coupon convertible bonds due 2012 voted to pass an extraordinary resolution to suspend all litigations in India and the United Kingdom, thus enabling a restructuring of the bonds.

The meeting took place on May 30 in Hong Kong.

The outstanding balance of the bonds is $134.5 million.

Sterling Biotech is a Mumbai-based manufacturer of pharmaceutical gelatin.

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