Carlyle, Unison-backed Covalent avoids bond default
Covalent, the Japanese semiconductor materials manufacturer owned by The Carlyle Group and Unison Capital, has averted a debt default by agreeing to buy back securities from its bondholders. Much like its counterpart Renesas Electronics, which is seeking capital to avoid bankruptcy, Covalent is struggling with falling demand, increased competition and a strong yen.
According to a company statement, the bondholders have approved the company's proposal involving a combination of buying back the outstanding bonds and extending their maturity in return for higher coupons....
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