qantas-lenders-regroup-with-covenantlite-package

Qantas lenders regroup with ôcovenant-liteö package

The bidding consortium Airline Partners Australia drops its minimum acceptance level to 70% and announces a new $7.5 billion debt package.
The private equity consortium hoping to buy Australian airline Qantas has restructured its bid in an attempt to get the A$11.1 billion $9 billion deal off the ground. Airline Partners Australia has dropped the minimum acceptance level from 90% to 70% which means the company will stay listed on the stock exchange with minority investors still holding an interest in the business.

The move comes after at least two institutional investors who own significant shares in Qantas û Balanced Equity Management, which owns a 4% share, and UBS Global Asset Management with a 6% plus share û indicated that they may not support the deal, making it impossible for the consortium to reach its old...
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