Lumen 2027 Bondholders Band Together to Protect Note Collateral

Certain Lumen Technologies Inc. creditors have amassed a position in the company’s 4% senior secured notes due 2027 that could be big enough to prevent the debt from being stripped of collateral and other investor protections under a proposed restructuring deal, according to people with knowledge of the matter.

• A group of creditors left out of the proposal amassed a more than one-third stake in the notes, said the people, who asked not to be named because the discussions are private
• The group, advised by Evercore Inc. and Gibson Dunn & Crutcher, is preparing an alternative financing proposal to ...