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
- Labour leader Jacinda Ardern joins Simon Dallow in the NBR View studio this morning
- Housing strategist Leonie Freeman discusses the alarmingly low rates of new house builds in Auckland
- Jason Walls canvasses reaction to Labour exploring tax breaks for SME investment
- Synlait managing director John Penno on capacity constraints and supplying China
- NBR Radio: best of the week ended September 15, with Grant Walker