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Avanti warns of insolvency if cannot complete debt restructuring

Reuters - UK Focus

April 9 (Reuters) - Satellite operator Avanti Communications (LSE: AVN.L - news) said on Monday it would likely have to be placed in some form of insolvency proceeding if it cannot complete its debt restructuring or is unable to raise at least $50 million.

The company, which is swapping its debt for equity, said if the restructuring is not completed by April 30, it will default on its bond interest payable under the existing bond indentures.

Avanti also added that if it is unable to raise additional funds of at least $50 million and secure $40 million infrequently recurring revenue in pipeline by June 30, it would be highly unlikely that the company would be able to pay its creditors within the three months following June 30. (Reporting by Radhika Rukmangadhan in Bengaluru, editing by David Evans)