Concordia Bus Nordic again extends consent solicitation

New York, July 1 - Concordia Bus Nordic AB said it is once more extending its solicitation of consents from holders of its 9 1/8% senior secured notes due 2009.

The solicitation now ends at 12 p.m. ET on July 1 instead of 12 p.m. ET on June 29. It has already been extended 10 times from 12 p.m. ET on April 13.

As of June 29, holders had given consents to 10.69% of the notes, the same as on June 17.

On May 16, Concordia Bus Nordic AB said it had received a financing proposal from some members of the ad hoc committee of holders of the 11% senior subordinated notes due 2010 issued by Concordia Bus AB.

Under the proposal, the holders would lend €40 million to Concordia Bus AB, which would then use the funds to make an equity contribution to Concordia Bus Nordic to meet the costs of the restructuring.

Concordia Bus Nordic's previously announced consent solicitation is to seek approval of amendments and waivers to the note indenture and to ask holders to forgo their right to participate in any change-of-control offer caused by the restructuring of Concordia Bus Nordic's parent, Concordia Bus AB.

The consent fee is €5 per €1,000 principal amount.

In March, Concordia Bus AB announced a restructuring under which its €160 million principal amount of 11% senior subordinated notes due 2010 will be exchanged for 96% of the company's ordinary shares.

Concordia is a Solna, Sweden, bus service operator.

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