Rede Energia noteholders form group; restructuring plan coming soon

By Caroline Salls

Pittsburgh, March 6 - Several holders of the perpetual notes issued by Rede Energia have formed an informal group to advance the value of the notes they hold, according to a Bingham McCutchen LLP news release.

Rede is in a Brazilian insolvency proceeding and is expected to propose a debt restructuring plan very soon.

Once the plan is proposed, Bingham said there will be a creditors meeting to vote on the plan, which will also likely take place soon.

The noteholders have recommended that the indenture trustee be replaced and will hold a conference call for perpetual noteholders on March 11 to prepare for the creditors meeting, including the trustee replacement recommendation.

Rede Energia is an electricity holding company based in Sao Paulo, Brazil.

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