Lupatech Unveils Restructuring Plan

Lupatech Unveils Restructuring Plan

Brazil Corporate & Sovereign Strategy

Lupatech’s board has approved a restructuring plan, the Brazilian oil services provider says, and plans to present it to creditors for approval. In the plan, holders of the $275m outstanding of 9.875% perpetual bonds – owed $298m including interest as of Tuesday – would receive the right to subscribe ADRs representing one Lupatech common share and corresponding to 85% of the amount owed. They would also receive new 5-year bonds paying a 3% coupon to account for the remaining 15%. Holders of dome

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