Moby Said Bondholder Proposal Penalizes Creditors, Seeks Meeting

Moby SpA said a restructuring proposal by a group of bondholders penalizes other creditors, according to an emailed statement on Saturday.

• Co. sent invite to bondholders for meeting between respective advisers for debt solution: statement
• Co. open to give creditors veto rights over business plan and set up governance supervisory committees
  • Co.’s EBITDA as of Sept. 30 at EU118m, debt at EU591m, of which EU300m bond and EU160m financial debt
• Co.’s debt moratorium expired on Feb. 29
• NOTE: Italy’s Moby Freezes Debt Payments Amid Talks With Creditors

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