The group of senior bondholders selected to take over ownership of Greek telco Wind Hellas were yesterday given approval for the transaction by the High Court of Justice in London. The decision clears the creditor group to seek approval for their plan to invest EUR420 million (USD595 million) and write off debt in exchange for 100% control of the company. The deal will result in the struggling fixed line, broadband and wireless operator clearing EUR1.87 billion of third party debt. The creditor group, chosen as the preferred bidder by UK-registered holding company Weather Finance III on 18 October, beat an offer from existing owner Weather Investments, headed by Egyptian businessman Naguib Sawiris. Overall bondholder support for the restructuring plan exceeds 76%, according to Bingham McCutchen, the law firm representing them. 75% approval is required for completion of the arrangement, whilst Wind Hellas reported earlier that more than 82% of the senior noteholders have entered into binding agreements to support the scheme. The senior noteholder group is led by Mount Kellett Capital Partners (Ireland), Taconic Capital Advisers UK, Providence Equity Capital Markets, Anchorage Capital Group, Angelo Gordon & Co and Eton Park International.