Lupatech reaches necessary quorum for its consent solicitation

By Toni Weeks

San Luis Obispo, Calif., Jan. 27 - Lupatech SA announced in a press release that it has reached the necessary quorum for its consent solicitation for the 9 7/8% perpetual notes issued by subsidiary Lupatech Finance Ltd.

Lupatech Finance is seeking conents from bondholders to release guarantees given by subsidiaries Esferomatic SA, Jefferson Sudamericana SA, Industria y Tecnologia in Aceros SA and Valves Worcester de Argentina SA.

The plan approval by the bondholders is an important step accomplished in the process to restructure the financial debt, capital structure and debt of Lupatech and its subsidiaries, the release noted.

The company previously extended by 11 days to Jan. 24 the period for bondholders to respond to the consent solicitation.

Lupatech manufactures industrial materials and is based in Caxias do Sul, Brazil.

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