Wind close restructuring debt

Greek carrier Wind Hellas has settled on two potential suitors to acquire its assets as it attempts to restructure its €3.2 billion debt pile.

In contention are Wind Hellas' majority stakeholder Weather Investments and a committee of the company's subordinated bondholders.
Weather Investments, which is majority-owned by Egyptian entrepreneur Naguib Sawiris bought Wind Hellas from private-equity firms TPG and Apax Partners for €3.4 billion, which included over €2.9 billion of debt in 2007.

Click here to find out more!Hellas II, the parent company of Wind Hellas, said in a statement Monday that it hopes to name its final preferred bidder early next week.

Hellas UK partner Hellas Telecommunications UK confirmed that the company was now working with its creditors to implement a transaction.

”This is a very positive development in the process to find a successful solution for the company, including a new cash equity investment and de-leveraging the group's capital structure,” Hellas Telecommunications UK director Matthew Tippetts said.

Wind Hellas has been in a desperate race to restructure its debt since early September. Ten days ago, the company said it was deferring paying €67 million in interest due to subordinated bonds.