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Global A&T holders file complaint tied to issuance; talks under way
By Caroline Salls
Pittsburgh, April 5 – Global A&T Electronics Ltd. parent UTAC Holdings Ltd. said a complaint was filed against Global A&T in connection with its 10% senior secured notes due 2019.
According to a UTAC news release, the complaint, which was filed in the New York State Supreme Court of March 31 by two noteholders, makes alleged claims related to the issuance of additional notes in connection with an exchange completed by Global A&T on Sept. 30, 2013.
UTAC said 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.
“The company believes that the claims made in the complaint are without merit,” the release said. “The
company intends to vigorously oppose the complaint and all claims asserted by the plaintiffs and any other holders of notes, and will continue to defend the interests of the company and its constituents in all appropriate forums.”
UTAC said it hired professionals to explore and develop strategic options concerning possible changes to its capital structure, and it has expressed its willingness to enter into discussions with the noteholders.
UTAC said it is in communication with two informal committees representing the two primary noteholder constituencies and has begun discussions with the respective professionals designated by each committee.
Global A&T is a Singapore-based semiconductor company.
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