GTAT Bondholders Top TPG In Ch. 11 Loan Competition
By Andrew Scurria
Law360, New York (March 16, 2015, 5:49 PM ET) -- A group of GT Advanced Technologies Inc. bondholders that initially lost out on funding the sapphire production company’s restructuring has convinced it to accept a sweetened $95 million financing offer over a rival lending package from TPG Capital, according to court records filed Saturday.
Two weeks after selecting a $100 million bankruptcy loan from TPG’s specialty lending unit, GT did an about-face and accepted a competing loan offer from unsecured convertible bondholders that its lawyers said “provides better economic and non-economic terms than the TPG commitment.”...