Brunner Mond restructuring

Brunner Mond, the UK soda ash producer that failed to make a GBP 8 million half-yearly interest payment to bondholders in July 2001, said in mid-December 2001 that it had completed a financial restruc…

Brunner Mond, the UK soda ash producer that failed to make a GBP 8 million half-yearly interest payment to bondholders in July 2001, said in mid-December 2001 that it had completed a financial restructuring that converts its GBP 140 million high-yield bonds into equity, passing control of the company to its lenders. The company will convert two high-yield notes, one for GBP 50 million and the other for US$ 125 million ( GBP 87 million) into 80% of its equity. A further 15% goes to some existing lenders that contributed to GBP 29 million in new senior debt.