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TH Global receives acceleration notice on 10 7/8% bonds, prepared to pay under bondholder agreement
By Caroline Salls
Pittsburgh, Dec. 14 - TH Global plc received an acceleration notice on its 10 7/8% bonds due 2014 and is in discussions with TH Global Group for a workout process the company hopes to complete by Dec. 31, according to a Thursday news release.
TH Global plc said it is prepared to pay the bonds in full on terms that include a cash component of 0.782 per £1 of outstanding principal and payment of the balance, including interest, to be converted into equity in the company.
The company said its directors have decided that it is in the best interest of all stakeholders, including the 2014 bondholders, that a bondholder agreement is reached.
As previously reported, on Sept. 22, the company made a private treaty offer on the bonds, which expired on Oct. 27.
TH Global is an Anglo-Norwegian engineering and construction company.
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