Greycoat in discussions to restructure eurobonds

By Carlise Newman

Chicago, Sept. 24 - Greycoat Ltd. said it is in discussions with a committee of bondholders about a restructuring of its £46.07 million 9.5% eurobonds due September 2003.

Greycoat previously made an announcement on June 6 in which it confirmed that it planned to enter into negotiations with the holders of the eurobonds.

Greycoat, a U.K.-based property manager, said it believes that the committee consists of bondholders holding over 75% in principal amount of the outstanding eurobonds. The committee is represented by Bingham McCutchen.

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