Japanese lender won't appeal Solid Energy decision

Solid Energy (TV3)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7680 0.0000 0.00%
AUD 0.9866 0.0000 0.00%
EUR 0.7101 0.0000 0.00%
GBP 0.5130 0.0000 0.00%
HKD 5.9663 0.0000 0.00%
JPY 91.3140 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%