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Creditors to vote on Southern Connector restructuring
28 January 2011
Read more:
[greenville]
[chapter 9]
[bankruptcy]
[connector]
[south carolina]
Ballots are out to creditors for the chapter 9 bankruptcy restructuring of roughly $304 million in outstanding debt on the 23km Southern Connector toll road in South Carolina. The not-for-profit Connector 2000’s plan calls for the issue of $150.19 million in new senior and subordinated debt with senior secured creditors almost being made whole. Votes are due 4 March and a US Bankruptcy Court confirmation hearing is scheduled for 25 March.
Holders of series 1998A bonds will receive $126.9 million in series 2011A. The new issue will be split into four tranches with final maturities in 2022, 2032, 2042 and 2051, and all-in yields ranging from 3.25% to 10%....
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