Novo Banco remains below target on bond buyback deal – Monday deadline looms
Novo Banco has reached 73.4% of its target for bondholders to accept a discounted bond buyback – a vital condition that must be met before any sale can go ahead to US vulture fund, Lone Star.
Novo Banco’s management issued a statement on Friday that several bondholders has had meetings in London and the bank now had €4.6 billion of orders for early redemption and that the remaining holders have until Monday to accept the terms of the buyback. Currently, the bank is short of €1.66 billion of pledges.
The above content produced by algarvedailynews.com is not intended for commercial use and may not be republished by third parties either wholly or in part unless permission is sought and granted and the source credited.