Debt restructuring restores Alstom

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Despite the lack of interest in Alstom’s debt-for-equity swap – only around a third of creditors bought into the transaction – bondholders can be satisfied that the firm is on a more stable footing after it raised €1.75 billion in the equity market. “Bondholders have seen their risk materially reduced,” says Sophie Coutaux, corporate analyst at Fitch Ratings in Paris.

After Alstom almost went bankrupt last year, bondholders were left wondering if they would see much return on their investment

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