CIE Creditor Group Approves Workout: Actinver

Holders of Mexico-based CIE’s 2006 notes due on December 4 have approved a debt restructuring plan, which includes bond and bank-related debt with maturities ranging from December 2009 to December 2011, according local equities research shop Actinver. In exchange for extending tenors, bondholders are heard to be receiving a higher yield, which will settle at around 300bp over TIIE, compared to the previous 179bp, according to the shop and local press reports. In addition, the entertainment company has offered bondholders shares in its subsidiaries that account for slightly more than 60% of consolidated Ebitda. Actinver says holders of CIE’s 2008 notes have not yet met with the company to discuss terms of a potential plan.