Bondholders and holders of guaranteed notes representing loans totalling $325 million and $250 million, respectively, that are due next year voted at or near-100% majorities in favour of the scheme to restructure the cash-strapped London-listed independent’s balance sheet.
The new capital structure will reduce the company’s debt to around $100 million from the current pile that stands at over $600 million through conversion of $500 million of existing debt into equity.
Gulf
