Matahari International BV said yesterday that its proposed bond exchange offer and consent solicitation had received combined acceptances representing 89.39% of its outstanding bonds due to mature in October. The offer, which aside from an exchange of old bonds for new also includes a consent fee in return for the waiver of a fixed charge covenant, needed a two-thirds acceptance level to go ahead.
The deal, jointly lead managed by Citi and UBS, is a welcome fillip to Asia's nascent debt restructuring industry, which has been long on rhetoric, marketing and cash spent on building up human resources, but rather short on actual transactions and fees to justify all that outlay. Another Indonesian...