Improved deal from bondholders to restructure Wind Hellas

23 Nov 2009

The UK’s Financial Times writes that a group of subordinated bondholders of Greek full-service telecoms operator Wind Hellas have presented an improved offer worth EUR450 million (USD668 million) to restructure the company. The bondholders say their latest offer, which includes EUR200 million of unconditional funding, trumps a previous offer by the firm’s current controller, Egyptian-backed Weather Investments. Weather’s restructuring offer, which has already secured the support of more than half of Wind Hellas’s senior lenders, would wipe out about EUR1.5 billion of subordinated debt, but only guarantees EUR125 million in new funding. In response, the holders of EUR1.2 billion of subordinated notes have sweetened their offer to write off much of their debt in exchange for taking over the company, which has a total debt pile of EUR3.2 billion.

Greece, Wind Hellas