GREECE - PPF considers Wind bid

PPF's offer, which would include a EUR 200m equity injection into the business, would go up against a restructuring proposal put forward by Wind's parent company Weather Investments, which is majority-controlled by Egyptian tycoon Naguib Sawiris, and a committee of the company's junior bondholders represented by Aladdin Capital.

The pressure is on as the company needs to strike a deal by 15 November, which is when the grace period on a EUR 67m bond coupon payment expires.

The company has been trying to implement a restrcuturing since the summer. Last week US private equity firm TPG Capital, a former backer of the business, dropped out of the process to restructure the mobile telecom operator.

TPG acquired an 80% stake in Wind alongside Apax Partners in 2005 in a EUR 1.1bn deal. The two firms realised the investment in 2007, when Wind Hellas was sold to Weather Investments for EUR 3.4bn.

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• Topics
• Restructuring
• Southern Europe
• Technology