The winning suitors of Greek mobile operator Wind Hellas have been given the legal go-ahead to take ownership of the company.
An approval by the UK’s High Court of Justice means that the group’s senior senior secured note holders, which beat out current…
The winning suitors of Greek mobile operator Wind Hellas have been given the legal go-ahead to take ownership of the company.
An approval by the UK’s High Court of Justice means that the group’s senior senior secured note holders, which beat out current Wind Hellas owner Weather Investments in the bid to control the group, are one step further in securing a plan to invest E420m in the company while also writing off E1.87bn in third party debt.
Over three quarters of company bondholders have voted in support of the restructuring, according to reports citing their law firm, Bingham McCutchen. Wind Hellas has reportedly stated that over 82% of senior bondholders have signed binding agreements.
The bondholders – Mount Kellett Capital Partners, Taconic Capital Advisers, Providence Equity Capital Markets, Anchorage Capital Group, Angelo Gordon & Co and Eton Park International – were advised by Moelis & Company. The deal was announced last month.
Announcing Q2 results in September, Wind Hellas reported a 28% fall in revenue to E202.3m, with EBITDA halving to E39.1m.
