GHCL bondholders to file lawsuit after units placed in administration, bankruptcy

By Caroline Salls

Pittsburgh, March 17 - A group of GHCL Ltd. bondholders intends to file a lawsuit in the English court seeking a declaration that the bonds are immediately due and payable as a result of the company's subsidiaries being placed in administration and Chapter 11 bankruptcy and selling substantially all of their assets, according to a notice sent to holders of the company's $70 million of 1% convertible bonds due 2011.

The holders of a qualifying supermajority of the 1% bonds have retained law firm Weil, Gotshal & Manges.

GCHL is a chemical and textile company based in India.

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