A bondholder group in Tuspark Forward’s bonds plans to reject the company’s second payment extension proposal, as per Bloomberg. This week, Tuspark launched a consent solicitation for two of its dollar bonds on which it missed payments in August. The bondholder group members hold more than 25% of both dollar bonds’ principal and are represented by financial adviser Alvarez & Marsal. The proposal requires at least 66% of outstanding amount of bonds to have a consent for a meeting and 75% of votes in favor of proposal. Tuspark had not communicated with bondholders in advance about the consent solicitation terms and the bondholder group’s members said that they wanted transparent negotiations for a debt restructuring plan.
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