Bondholders in CHAMP-backed Blue Star offered new deal
Blue Star bondholders have been offered the chance to participate in the printing firm’s restructuring on the same terms as major shareholder CHAMP Private Equity, The National Business Review reported. Should the latest proposal fail to win approval, the company is likely to go into receivership – another casualty of New Zealand’s difficult economic environment.
Bondholders objected to a proposal tabled last month which would see CHAMP receive an 18.5% interest rate - plus preferential settlement terms - on a loan of $15 million. This remainder of the $25 million...
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