Elektrim announces agreement on restructuring debts to bondholders

Troubled Polish conglomerate Elektrim said on Thursday it had reached a debt restructuring agreement with holders of its defaulted bonds. "The agreement will restructure euro 510 million ($504.9 million) of the company's debt in a way that, in the management board's judgement, will allow the company to meet its obligations," Elektrim said in a brief statement. A joint venture between Elektrim and France's Vivendi holds 51 percent of eastern Europe's largest mobile telecom operator PTC (Era GSM), but its ownership of the stake is being challenged by PTC's other shareholder, Deutsche Telekom. A Warsaw court is scheduled to begin hearings on Elektrim's petition for bankruptcy on Monday and it was not immediately clear how the restructuring would affect the case. (Reuters)