Greek mobile operator Wind Hellas Group said on Wednesday enough senior creditors had approved its debt standstill agreement to put it into effect.
Wind Hellas said on July 1 it had a standstill agreement from creditors to defer until Nov. 5 debt payments of at least €17.5 million ($22.6 million), plus other interest and hedge counterparty payments.
The standstill, while approved by lending banks, still needed to get the green light from enough of the company’s senior creditors by July 20 to go forward.
"As at close of business on July 20, holders of 80.6 percent of the principal amount of the Senior Secured Floating Rate Notes have acceded to the agreement, exceeding the required 75 percent threshold," Wind Hellas said.
Weather Investments, the holding company of Egyptian businessman Naguib Sawiris, won a battle last year to keep control of Wind Hellas, beating off a rival restructuring deal from a group of subordinated bondholders.
Weather Investments also owns Cairo-based Orascom Telecom and Italian operator Wind Telecomunicazione, which placed a €2.7 billion high-yield bond in July 2009.
