Sigma Finance accelerates Swiss-franc denominated notes to July 19

By Angela McDaniels

Tacoma, Wash., July 7 - Sigma Finance Corp. exercised its right to accelerate its fixed-rate euro medium-term notes due 2011, according to an announcement from the company's receivers.

The company will pay all amounts due under the notes on July 19. The amount attributable to principal is CHF 2,648,197.95, and the amount attributable to interest is CHF 31,173.38.

Sigma began a consent solicitation for the notes on March 9. It sought to amend the note terms to allow it to accelerate the notes at its discretion in order for a distribution to be made to the noteholders as beneficiaries from cash currently in the pool allocated to the notes.

The noteholders passed an extraordinary resolution in favor of the amendment at an adjourned meeting on June 6.

Sigma originally issued CHF 200 million of the notes.

The company's receivers are A.R. Bloom, M.E. Mills and S.J. Harris, all of Ernst & Young LLP.

Sigma Finance is a George Town, Cayman Islands-based financing services company.

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