Blue Star says 'no' vote on restructure would mean receivership inevitable
Haircut or wipeout? That's the choice Blue Star has put to bondholders.
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Blue Star Print Group's board has reiterated that if proposed restructuring, including a haircut for bondholders, is not accepted banks will likely call in receivers.
The warning, in a statement from the group's board, said "if Bondholders reject the offer, it would likely result in a complete loss of principal."
"The Board's expectation is that, following a no vote, Blue Star's banks will immediately move to protect their interests, likely through the appointment of a receiver ... In this scenario, it is probable that there would be no value recovery for Bondholders," the statement said.
A vote on the restructuring proposal is set down for August 10 at 10:30am.
NBR staff
Wed, 27 Jul 2011
Wed, 27 Jul 2011
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Blue Star says 'no' vote on restructure would mean receivership inevitable
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