UPDATE 2-Wind Hellas owner wins restructuring battle

Thu Nov 5, 2009 8:36pm GMT
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* Weather Investments gets lender backing for bid

* Will inject 125 million euros into Greek mobile operator

* Junior lenders face big losses on bonds

* Wind Hellas reports weak third quarter results (Adds Wind Hellas results, quote from Weather Investments)

By Tom Freke

LONDON, Nov 5 (Reuters) - Weather Investments has won the battle to keep control of debt-laden Greek mobile operator Wind Hellas, the company said on Thursday.

Beating off a rival restructuring bid from a group of subordinated bondholders, as well as a last-minute approach from PPF Partners, Weather Investments has secured agreement from a majority of senior lenders for their deal, Wind Hellas said.

The news came alongside bleak third-quarter results for Wind Hellas, showing falling revenues, earnings and subscriber numbers.

"We look forward to taking our proposals to the noteholders and thereafter providing the necessary support to ensure that the Wind Hellas Group can drive its business forward once again," said Weather Investments' Aldo Mareuse.  Continued...

 
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