April 9, 2018 / 8:33 AM / in 6 months

BRIEF-Avanti Says To Default On Bond Interest Payable If Restructuring Doesn't Complete By April 30

April 9 (Reuters) - Avanti Communications Group PLC:

* PROPOSED RESTRUCTURING OF GROUP’S INDEBTEDNESS

* AS AT 31 DECEMBER 2017, HAD US$118.0 MILLION OF INDEBTEDNESS MATURING IN 2020, US$323.3 MILLION OF INDEBTEDNESS MATURING IN 2021

* PROPOSES DEBT FOR EQUITY SWAP PURSUANT TO SCHEME APPROVED BY HIGH COURT OF JUSTICE IN ENGLAND & WALES OF ALL OF OUTSTANDING 2023 NOTES FOR 92.5 PER CENT

* IF RESTRUCTURING DOES NOT COMPLETE BY 30 APRIL 2018, COMPANY WILL DEFAULT ON ITS BOND INTEREST PAYABLE UNDER EXISTING BOND INDENTURES Source text for Eikon: Further company coverage:

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