The High Court of Justice in London has approved a plan by a group of Wind Hellas’ bondholders to restructure the Greek telco by injecting EUR420 million (USD555 million) and writing off debt in exchange for ownership control, Bloomberg reports. Judge Richard Arnold approved as ‘fair’ the plan by senior secured floating-rate noteholders, under which Wind Hellas’ EUR250 million revolving credit line will be repaid in full, while the company’s senior secured notes and EUR355 million of subordinated bonds will be written off. The senior bondholders, owed around EUR1.2 billion, were selected as the preferred bidder by the fixed line, broadband and mobile operator’s UK-registered holding company Weather Finance III in October, and the proposal subsequently gained the required level of support from all bondholders. The same UK court cleared the group to seek approval for the investment plan in early November. The creditor group includes Mount Kellett Capital Partners (Ireland), Taconic Capital Advisers UK, Providence Equity Capital Markets, Anchorage Capital Group, Angelo Gordon & Co and Eton Park International. The takeover displaces Egyptian billionaire Naguib Sawiris’ Weather Investments holding group as Wind Hellas’ owner.