TW needs to restructure a debt mountain running to ВЈ1.6bn.
TW won a waiver at Christmas just as it was about to break the previous deadline of its banking covenants.
The Financial Times today reports: вЂњThe house builder is expected to strike a deal with its banking syndicate and holders of its private placement bonds in time to seek the approval of other bondholders, who hold about ВЈ450m of debt, by 10 March.
вЂњCreditors would accept warrants entitling them to less than 10% of the company.вЂќ
There is the possibility that an early glimpse of TWвЂ™s trading and balance sheet could surface before the groupвЂ™s preliminary results are formally aired (which itself will be by the end of March) as TW still needs the bondholders to give the nod to the proposed debt restructuring.
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