Lupatech Puts Restructuring to Bondholders

Lupatech Puts Restructuring to Bondholders

Brazil Corporate & Sovereign Strategy

Lupatech's recovery plan was submitted to bondholders Tuesday, the distressed oil industry parts maker says. Creditors will have until December 26 to approve the plan, which requires a three-fifths majority. Lupatech has been visiting bondholders the US and Europe with advisor Bank of America Merrill Lynch since unveiling its offer. In the plan, holders of the $275m outstanding of 9.875% perpetual bonds - owed $298m including interest - would receive the right to subscribe ADRs representing one

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