IFCO says almost all noteholders agree to restructuring plan

New York, Nov. 13 - IFCO Systems NV said holders of nearly 99% of its €200 million 10.625% senior subordinated notes due 2010 signed a restructuring agreement under which the notes will be exchanged for 90% of the company's stock.

Also signing the agreement were affiliates of Schoeller Group which hold 45.5% of IFCO's stock.

As part of the restructuring, consenting noteholders have agreed to remove most of the restrictive covenants in the notes that remain outstanding.

Depending on the company's future performance, current shareholders could end up owning up to 35% of the company after the exercise of warrants to be issued as part of the restructuring.

IFCO, an Amsterdam, Netherlands company, said it expects to complete the restructuring by the end of the year.

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