The Bank of Tokyo-Mitsubishi UFJ (BTMU) is not planning to appeal the High Court judgment against the lender, which attempted to block Solid Energy’s debt restructure late last year.
In December the Chief High Court Judge, Justice Helen Winkelmann threw out the Japanese bank’s bid to stop the restructuring deal, which calls for banks to retire a portion of Solid Energy’s debt in exchange for equity.
NBR ONLINE understands the Japanese lender won’t appeal the decision to a higher court and plans to write off $16.3 million of its $80 million loan under the deal, which was agreed on by the Crown, Solid Energy and its other creditors in October.
Other lenders include ANZ, Bank of New Zealand, Commonwealth Bank of Australia’s New Zealand branch, Westpac New Zealand and TSB Bank.
Collectively, Solid Energy will transform $75 million of its $400 million in debt into redeemable preference shares.
Spokeswoman Vicki Blyth says the debt restructure plan is in place and moving forward as planned.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- No knockout blows in first presidential debate, says NBR's Nevil Gibson
- Intueri's problems raise questions for the board, says Martin Watson of the Shareholders Association
- ANZ's Philip Borkin and NBR's Jason Walls on what's next for the kiwi dollar on Currency Talk
- AngelEquity's Bill Murphy on why his platform won't cater for retail investors
- Spark exec Jason Paris defends his company's honour after it tops ComCom's most-complained-about list
- FMA lawyer Justin Smith counters the Goldman Sachs defence