Greek operator Wind Hellas announced an agreement to swap much of its debt for equity, giving its bondholders control of the company. The company has been looking since June for new investors to help it restructure its debt. Wind said a total six companies were invited to conduct due diligence. The senior secured notes or so-called SSN committee has now been named the preferred bidder. It's made up of several major private equity investors which hold 57 percent of Wind's SSNs. They have agreed to waive EUR 1.225 billion in SSNs and EUR 355 million in senior unsecured notes owed by Wind in exchange for 100 percent of the company's equity. They will also provide a cash injection of EUR 420 million at closing to pay of some of the company's short-term liabilities and support its business plan. A manjority (77%) of the bondholders has already agreed to support the transaction and it will be open on a pro rata basis to the other bondholders. Nassos Zarkalis, named CEO late last year, will continue in his position, and Wind will also name new senior telecom executives and senior representatives of the Greek business community to its board, the company said.
