Ad Hoc Committee of TYCO Noteholders Announces Blocking Position.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The following is a statement issued by the Ad-Hoc Committee of Unsecured Noteholders (the "Ad Hoc Committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished ") of Tyco International For the unrelated division of Mattel, see . Tyco International Ltd. NYSE: TYC is a diversified manufacturing conglomerate incorporated in Bermuda, with United States operational headquarters in New Jersey. Group S.A. ("TYCO"). The Ad Hoc Committee was formed in opposition to the tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with announced on April 27, 2007 by TYCO in connection with the proposed "clarifying" amendments to the 1998 and 2003 Indentures to permit, as part of TYCO's plan to liquidate, the separation of TYCO through three simultaneous transactions into three separate, publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . The terms of the tender offer and consent solicitation are such that noteholders will not receive their full contractual entitlements. Accordingly, the Ad Hoc Committee has actively opposed the tender offer and consent solicitation. The Ad Hoc Committee distributed a form of "No Consent" Agreement to interested noteholders. The Ad Hoc Committee has now received executed "No Consent" agreements from noteholders representing a majority of the outstanding principal amounts under each of the 1998 Indenture and 2003 Indenture. Accordingly, such "No Consent" Agreements became effective with respect to all of such noteholders, and therefore, such noteholders have agreed to not tender the notes subject to the executed agreements into the current tender offer and consent solicitation. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion