Weather Investments, owned by Egyptian tycoon Naguib Sawiris, has emerged as the chosen bidder to restructure the debt of its Greek subsidiary, mobile, fixed and broadband Wind Hellas. Reuters reports that Weather, which also controls Orascom Telecom, beat off a rival restructuring bid from a group of Wind Hellas’s subordinated bondholders, as well as a last-minute approach from PPF Partners. Weather will initially inject new capital of around USD186 million into the Greek company, whilst the restructuring deal is aimed at cutting its USD4.8 billion debt pile substantially. Subordinated bondholders, owed around USD1.6 billion, have aired fears that their investments will be completely wiped out. Wind Hellas said it lost a net 209,000 mobile subscribers in the third quarter whilst revenues dropped 17% year-on-year, and EBITDA fell 26%. Revenues are expected to continue declining in 2010 before returning to growth in 2011.