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Lupatech offers opposing bondholders capitalization of bond credits
By Kali Hays
New York, April 4 - Lupatech SA is offering bondholders that do not approve its pre-packaged plan of reorganization the option to capitalize 85% of their remaining bond credits, according to a news release from the company.
The credits can be capitalized in the form of shares or American Depositary Receipts.
The company said that this will allow all bondholders a chance to "receive the same treatment to the credits of its outstanding bonds in accordance with the restructuring plan" regardless of how they voted on the plan.
As previously reported, the company filed its pre-packaged bankruptcy plan Feb. 14 with the Court of Nova Odessa, State of Sao Paulo.
In addition, Lupatech said it published a call to bondholders to present eventual oppositions to the plan.
Lupatech manufactures industrial materials and is based in Caxias do Sul, Brazil.
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