Wind Hellas' junior bondholders no longer plan to contest the application to place the Greek operator's parent company Hellas II in administration, Dow Jones Newswires reports. The committee of subordinated bondholders said the decision was made after their EUR 450 million offer for the assets of Wind Hellas, which they tabled on 23 November, failed to attract the required level of support from senior creditors. Their decision paves the way for Wind Hellas' parent company Hellas II to be placed in administration at a UK High Court hearing to be held 26 November. People familiar with the matter previously told Dow Jones Newswires that a prepack administration (a process under UK insolvency law where a business on the brink of insolvency is sold without liabilities) is likely to be used to drop around EUR 1 billion of subordinated debt from Wind Hellas' EUR 3.2 billion debt. The process will see Wind Hellas' current shareholder Weather Investments, an investment vehicle majority-owned by Egyptian entrepreneur Naguib Sawiris, keep control of the company. A spokesman for the subordinated bondholders committee Adrian Flook said the committee will write to the appointed administrator of Wind Hellas to review the actions surrounding the restructuring of the company's debt and the implementation of Weather Investments' proposal.
