Brazil's Globopar gets support from holders of two series of notes for restructuring

By Reshmi Basu

New York, March 17 - Globo Comunicacoes e Participacoes SA said it received noteholder approval of its proposal to restructure two of its outstanding bond series.

The series voting in favor includes its $80 million of 9 7/8% notes due 2004 and $100 million of 9 7/8% series A guaranteed notes due 2004.

The company had also scheduled a meeting Thursday for four remaining series but failed to achieve a quorum, which calls for 75% of bondholders to appear. Those meetings were adjourned to April 21 where the quorum will be 25%.

Globopar is a Brazilian media company.

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