Intrum bondholders challenge $5.8 bln debt restructuring, FT reports
COPENHAGEN, July 30 (Reuters) -A group of bondholders in Intrum INTRUM.ST, Europe's largest debt collector, seeks to block a restructuring of the Swedish company's own 5.4 billion euro ($5.84 billion) borrowings, the Financial Times reported on Tuesday, citing unnamed sources.
Intrum's share price, which had risen on the announcement in June of an agreement with some bond holders, fell 8% by 0724 GMT on Tuesday.
Bondholders opposing the deal hold debt that matures next year, and were expecting imminent repayment, and were thus less inclined to back the restructuring deal than those whose bonds mature at a later time, the FT reported.
An Intrum spokesperson declined to comment on the report when contacted by Reuters.
Over half of Intrum's bondholders have signed a binding agreement with the company since the June announcement, the company said earlier this month.
On Tuesday, Intrum said it had extended a deadline for bondholders to sign up to the binding agreement to Aug. 19 from July 29.
($1 = 0.9241 euros)
Reporting by Stine Jacobsen, editing by Terje Solsvik
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
