April 26 – Avanti Communications Group PLC (Avanti) placed nearly 2b shares on London’s junior stock exchange in furtherance of the company’s plan to convert into equity roughly $557m of its debt due 2023. The restructuring is expected to result in noteholders owning 92.5% of Avanti’s enlarged share capital, with the ownership interest of funds controlled by Solus Alternative Asset Management LP increasing from 15.9% to 42%. As part of the restructuring, existing shareholders exercised rights to acquire approximately 1.5m additional shares, producing £0.17m in gross proceeds for Avanti, under an open offer made available to mitigate dilution of their respective stakes.
Read more related news in Space Business Review April 2018.
