The plan to transfer ownership of Greek mobile operator Wind Hellas to its bondholders has been approved by London’s High Court of Justice.
Under the agreement, the senior secured floating-rate noteholders will inject E420m to pay off a E250m revolver as…
The plan to transfer ownership of Greek mobile operator Wind Hellas to its bondholders has been approved by London’s High Court of Justice.
Under the agreement, the senior secured floating-rate noteholders will inject E420m to pay off a E250m revolver as part of the plan, which also writes off senior secured notes and E355m of subordinated bonds.
The offer is underwritten by the SSN Ad Hoc Committee, which comprises Mount Kellett Capital Partners, Taconic Capital Advisers, Providence Equity Capital Markets, Anchorage Capital Group, Angelo Gordon & Co and Eton Park International. The bondholders were advised by Moelis & Company.
Weather Finance III, which is controlled by Egyptian tycoon Naguib Sawiris, moved the company’s headquarters from Luxemburg to the UK in August 2009 after acquiring the company out of bankruptcy earlier in the year.
Confirming the approval for Wind Hellas’ bondholders to acquire 100% of the group, the company stated that the plan “was sanctioned by the High Court of Justice of England and Wales at the Scheme Sanction Hearing before Mr Justice Arnold”.
