USA: Worldtex To Restructure Capitalisation
Worldtex, Inc announced that it had entered into a lock-up agreement with the members of an informal committee of noteholders holding nearly two-thirds of the company's 9-5/8 per cent Senior Notes regarding a restructuring of Worldtex's capitalization. The lock-up agreement contemplates a restructuring that will provide for a substantial reduction of Worldtex's debt through cancellation of all of its outstanding 9-5/8 per cent Senior Notes in exchange for equity securities of Worldtex. The agreement contemplates that trade creditors will be paid in full and in accordance with Worldtex's existing practices.
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