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GREECE - TPG drops out of Wind Hellas restructure bid

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TPG has dropped out of the process to restructure mobile telecom operator Wind Hellas. Reports suggest that current owner Weather Investments and Aladdin Capital which co-ordinates holders of subordinated bonds worth around EUR 500m, are the only two left in the race.

The pressure is on as the company had a cash balance of EUR 32m at the end of June, and a EUR 67m bond coupon payment due this month. The company is looking to restructure its EUR 3.2bn debt pile.

TPG, which has now pulled out, is a former Wind Hellas-backer: it acquired an 80% stake alongside Apax Partners in 2005, in a EUR 1.11bn deal. The two firms realized the investment in 2007, when Wind Hellas was sold to Weather Investments, controlled by Egyptian telecoms tycoon Naguib Sawiris, for EUR 3.4bn in 2007.

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