Subex propose de zapper le coupon de son obligation…

Soit le coupon est zappé, soit la société fait banqueroute.

Subex Limited has made an announcement on 10 Dec 2013 that the company wish to hold a meeting for the bondholders of the outstanding USD 127,721,000 5.70% Secured Convertible Bonds due in 2017 for the purpose of Coupon Payment Waiver since the company would not have sufficient cash to make the scheduled initial interest payments which is due on 6 Jan 2014.

The company believes that waiving this interest payment is the only viable option available to it to avoid a payment default on the bonds. Failure to pay the interest on the bonds would constitute an Event of Default and could cause events of default under other indebtedness of the company. Such a default may ultimately lead to the insolvency of the company unless a further restructuring could be agreed with its creditors.

Mots-clés : obligation, subex