Western Union Files Plan in Attempt to Avoid Bankruptcy
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UPPER SADDLE RIVER, N.J. — Western Union Co., seeking to avoid bankruptcy court, said today it has filed a restructuring plan based on swapping $530 million in notes for new securities with lower rates and a longer repayment schedule.
The filing with the Securities and Exchange Commission comes as the company faces a June 15 deadline to make a $51-million biannual interest payment.
Under terms of the plan, the company would exchange up to $530 million in principal amount of outstanding debt for new debt securities and common shares and for a reclassification of outstanding preferred shares.
Western Union officials told regulators in March that the company might have to seek bankruptcy court protection if it could not meet its debt interest payments.
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