Hollinger bondholders grant covenant reprieve

The move lifts the newspaper group from technical default, allowing it to raise debt

Holders of $78 million of high-yield bonds in newspaper giant Hollinger Inc. have agreed to loosen the covenants on their notes to remove the company from technical default and allow it to raise another $15 million. The deal requires Hollinger to pay its bondholders a lump sum of $2.73 million.

Hollinger quickly made use of the additional financial flexibility by placing $15 million of 11.875% notes due 2011 with institutional investors. The company says that it intends to use the proceeds from

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here