LAWSUITS NEWS & LEGAL INFORMATION
Tyco Split Costly
New York, NY: (Apr-11-08) A group of bondholders brought a lawsuit against Tyco International Ltd., alleging that the company's plan to split into three companies was unfair to bondholders. The suit stated that as a result of the split, the company's sturdiest assets would be transferred into separate entities, rendering the company's bonds riskier and therefore less valuable.
As part of a settlement agreement reached in the case, Tyco International Ltd. officials stated that the company has entered into a preliminary agreement to pay $250 million, resolving allegations related to the conglomerate's split. Additionally, the company also offered to exchange bonds that mature in about 20 years for bonds that mature in about 10 years. Tyco spokespersons stated that the company does not plan to buy back its debt under the settlement. [FORBES: TYCO AGREES TO $250M SUIT SETTLEMENT]
Published on Apr-14-08
As part of a settlement agreement reached in the case, Tyco International Ltd. officials stated that the company has entered into a preliminary agreement to pay $250 million, resolving allegations related to the conglomerate's split. Additionally, the company also offered to exchange bonds that mature in about 20 years for bonds that mature in about 10 years. Tyco spokespersons stated that the company does not plan to buy back its debt under the settlement. [
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