Wind Hellas reaches standstill agreement with creditors

Wind Hellas said today that it has reached a standstill agreement with with senior secured creditors, as it moves towards a second debt restructuring. The firm said that 80.6% of 2012 floating rate note-holders are now in agreement not to press claims, with only 75% needed to achieve the standstill. The decision affects €1.2 billion of debt.

At the start of July, Wind Hellas deferred payments of €17.5 million on its €250 million revolving credit line and said it would not make a €23 million interest payment due 15 July on the FRNs.