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Nova Austral does not reach solution for addressing 8¼%, 12% bonds
By Devika Patel
Knoxville, Tenn., June 22 – Nova Austral SA did not reach a consensual solution for the equitization of its 8¼% senior secured callable bonds 2017/2021 (ISIN: NO0010795602) and its 12% senior secured callable bonds 2020/2026 (ISIN: NO0010894264) at a bondholders’ meeting on April 25, according to a press release.
The equitization of the bonds was contemplated under an April 7 summons, which set out a proposed restructuring of Nova Austral’s capital structure.
The company had been working with its secured creditors to develop a restructuring plan, implement such proposed restructuring plan and to facilitate the due diligence process by the main bondholders in accordance with the April 7 summons.
The company also reported that secured creditors have not agreed to a voluntary sale of their shares in the company.
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