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TH Global in danger of default on 10 5/8%, 10/78% bonds after failing to deliver buyback offer terms
By Caroline Salls
Pittsburgh, May 31 - TH Global plc said the trustees of its 10 5/8% bonds due 2006 and 10 7/8% bonds due 2014 requested the company provide a certificate of compliance with the terms of the bonds following a tender offer made to bondholders, according to a company news release.
The company has until June 21 to deliver the certificates to avoid an event of default.
In addition, the company said the deadline for acceptance of its bondholder offer was extended to June 20.
Under the tender offer, the company will repurchase the bonds at a price of £0.30 for each £1 face value of the 2006 bonds and £0.65 for each £1 face value of the 2014 bonds.
The offer is subject to completion of an agreement with the Kvaerner Pension Fund trustee to address the current and future funding of the significant deficit of the pension fund; 100% acceptance by bondholders and binding agreements being reached by May 31.
According to Tuesday's release, TH Global and Kvaerner Pension Fund have reached a final pension settlement agreement.
TH Global is an Anglo-Norwegian engineering and construction company.
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