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Primus Telecommunications Group, Incorporated Announces Consensual Financial Restructuring
Over 50 Percent Debt and Interest Expense Reduction Sought Through Expedited Chapter 11 Filing
No Operating Subsidiaries Included in the Filing; All Vendors, Carriers, Customers and Employees of Operating Subsidiaries Unaffected by the Filing
Consensual Plan of Reorganization and Disclosure Statement Filed with Court
Plan Support Agreement Signed by Majority of Impaired Noteholders
McLean, VA March 16, 2009 Primus Telecommunications Group, Incorporated (OTCBB: PRTL), together with three affiliated holding companies, Primus Telecommunications Holding, Inc, Primus Telecommunications International, Inc. and Primus Telecommunications IHC, Inc. (together, the Holding Companies), today announced that they have reached agreement with various noteholders on the terms of a consensual financial restructuring that, if consummated, would materially improve the Holding Companies liquidity by reducing principal debt obligations by approximately $315 million, or over 50%, reduce interest payments by over 50% and extend certain debt maturities. The Holding Companies and certain noteholders have entered into a Plan Support Agreement whereby a majority of noteholders have committed to support the restructuring through an agreed plan of reorganization.
The Holding Companies today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, along with the proposed plan of reorganization and disclosure statement. The Company also secured waivers from certain senior secured lenders with respect to the filings and the debt of the remaining
The following information was filed by Hc2 Holdings, Inc. (HCHC) on Monday, March 16, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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