Matahari bond exchange close to 90% accepted

The bondholders' acceptance of the Indonesian retailer's exchange offer is a welcome but rare success for Asia's restructuring industry.

Matahari International BV said yesterday that its proposed bond exchange offer and consent solicitation had received combined acceptances representing 89.39% of its outstanding bonds due to mature in October. The offer, which aside from an exchange of old bonds for new also includes a consent fee in return for the waiver of a fixed charge covenant, needed a two-thirds acceptance level to go ahead.

The deal, jointly lead managed by Citi and UBS, is a welcome fillip to...

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