Administration officials said Thursday that 15percentt of bondholders approved the first debt-for-equity swap.
Almost all of the voting bondholders approved the plan, which would convert the bonds into about a 95percentt stake in Redback.
With the help of Mr. Martinez, the company outvoted many other bondholders to approve a reorganization plan.
The investment depends on Global Crossing's ability to persuade its lenders and bondholders to approve the bankruptcy plan.
DETROIT — Two days after a crucial deadline passed, GMAC, the financing arm of General Motors, remained silent Sunday over whether bondholders had approved a plan that would help provide GMAC with federal bailout money.
Privately held magazine firm Ziff Davis Media said most of its bondholders had approved its financial restructuring, enabling the embattled publisher of PC Magazine and Electronic Gaming Monthly to avoid filing for bankruptcy.
Resorts International Inc., the casino-hotel company that has filed for bankruptcy, filed a new reorganization plan yesterday, and analysts said bondholders were likely to approve the proposal even though it included few changes.
The vote was announced late Friday by MGM, which said bondholders had "overwhelmingly approved" the plan.
Treasury Secretary Jack Lew plans to warn lawmakers Thursday that he will be unable to guarantee payments to any group — whether Social Security recipients or U.S. bondholders — unless Congress approves an increase in the federal debt limit.
David Rosner, an attorney with Kasowitz, Benson, Torres & Friedman, and the man responsible for negotiating the deal, says about 55% of the bondholders have already approved the transaction and there's little doubt that it will be agreed upon.
