Holders “Positive” on Lupatech Plan

Holders “Positive” on Lupatech Plan

Brazil Corporate & Sovereign Strategy

Lupatech has received “manifestation of positive support” for its restructuring plan from a bondholder group, it says. The group represents 22.4% of the struggling oil parts manufacturer’s 9.875% perpetual bonds. Lupatech submitted the plan to holders last month, and creditors will have until December 26 to approve the plan with a three-fifths majority. In the plan, holders of the $275m outstanding of the perpetual bonds - owed $298m including interest - would receive the right to subscribe ADRs

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