Intrum fails to reach settlement with creditors opposing Chapter 11 plan (updated)

Intrum AB

17/12/2024 14:41

(Updates to say Intrum did not reach a settlement)
       COPENHAGEN, Dec 17 (Reuters) - Sweden's Intrum
 INTRUM.ST , Europe's biggest debt collector, said on Tuesday it
had failed to reach a settlement with creditors who objected to
the company's restructuring plan, after it said earlier in the
day it was seeking an agreement.
        Intrum last month filed for Chapter 11 bankruptcy in the
United States in a bid to restructure its debt, which reached
49.4 billion Swedish crowns ($4.53 billion) at the end of
September.
    Some creditors, collectively known as the 2025 Ad Hoc Group,
have objected to the plan for a so-called pre-packaged Chapter
11 restructuring, jeopardising the scheme.
    But Intrum said in a statement it would proceed with seeking
confirmation of its pre-packaged Chapter 11 plan, after it
failed to reach a settlement with the 2025 Ad Hoc Group.
        A Chapter 11 hearing will proceed as planned on Tuesday
in front of the United States Bankruptcy Court for the Southern
District of Texas, Intrum added.
  

($1 = 10.9104 Swedish crowns)

 (Reporting by Louise Rasmussen, editing by Essi Lehto and Terje
Solsvik)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))