Hellas II placed in administration as part of restructuring

27 Nov 2009

After approval from a UK court yesterday, the parent company of Greek full-service telecoms operator Wind Hellas has been placed in administration as part of a restructuring plan to clear more than EUR1 billion (USD1.5 billion) in debt from the total EUR3.2 billion owed by the company, reports Dow Jones Newswires. Earlier this month Wind Hellas accepted a restructuring offer from its controlling shareholder Weather Investments, which included the Egyptian owned investment vehicle injecting EUR125 million of new equity and the holding company for the Greek telco, Hellas II, entering insolvency. On Wednesday, a group of Wind Hellas’ subordinated bondholders withdrew a rival EUR450 million offer for Wind Hellas’ assets, which failed to attract the required level of support from senior creditors.

Greece, Wind Hellas (incl. Tellas)