Global A&T: Court denies dismissal of bondholder suit; appeal planned

By Caroline Salls

Pittsburgh, May 18 – Global A&T Electronics Ltd. said the Supreme Court of the State of New York denied its motion to dismiss a bondholder lawsuit.

According to a news release, the company will answer the complaint, “denying the numerous untrue allegations.”

In addition, Global A&T said it intends to appeal the order to the Appellate Division of the Supreme Court of the State of New York, First Judicial Department.

As previously reported, the complaint was filed by two holders of the company’s 10% senior secured notes due 2019.

The lawsuit makes claims related to the issuance of additional notes in connection with an exchange completed by Global A&T on Sept. 30, 2013.

Global A&P parent company UTAC Holdings Ltd. said in an April 5 release that the claims made in the complaint appear to be similar to the claims being asserted by other noteholders in a lawsuit filed the New York State Supreme Court in February 2014, which is pending.

Global A&T is a Singapore-based semiconductor company.

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