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
- PM right to speak out on NZ Super Fund CEO pay, shareholders group says
- Chris Liddell divesting himself of Xero shares, options
- Political activist Nicky Hager takes next step in privacy case against Westpac
- TVNZ first-half earnings drop as ad revenue falls faster than expenses
- General Cable's headquarters up for sale
Most listened to
- Sky TV boss John Fellet says he's happy to sign a contract with Spark
- NZ Shareholders Association chairman John Hawkins says all shareholders should question rising executive pay
- Snowball Effect has appointed former Russell McVeagh lawyer and technology marketer Peter Thomson as Head of Digital
- Hobson Wealth’s James Grigor on how Air NZ can deal to competition
- Westpac's Sarah Drought says the usually dry Summer months have feared will for dairy farmers, due to a wet Spring