Hellas II definition
Examples of Hellas II in a sentence
On November 5, 2009, the Board of Hellas II received evidence that Noteholders representing approximately 60% of Senior Unsecured Notes and approximately 55% of Senior Secured Notes had executed lock-up agreements in favor of the offer made by Weather Investments SpA.
The obligations of Hellas II as the issuer of the €960 million and USD 275 million of Unsecured Subordinated Notes remain with the insolvent Hellas II, which, in this moment, does not have the sufficient liquidity to repay these loans.
Consequently, the Board of Hellas II resolved to apply to the English High Court of Justice for an administration order in respect of Hellas II.
Weather Group considers that no significant expenses will come out from the Hellas II winding-up and the Hellas Telecommunications Finance and Hellas Telecommunications I possible bankruptcy procedure.
Moreover, Weather Finance ▇▇▇ ▇▇▇▇ succeeded Hellas II as parent guarantor in relation to the revolving credit facility as a guarantor of all amounts outstanding under the above mentioned facility, limited by applicable laws.
Weather Finance ▇▇▇▇ ▇▇▇ succeeded Hellas II as the parent guarantor in relation to the Senior Secured Floating Rate Notes, issued by Hellas V and gave a full and unconditional guarantee in respect of all obligations of Hellas V, as issuer, owed to the noteholders.
Upon receipt of a Payment Instruction of the type referred to in clause 3.1(a) above, the Bank shall disburse the Deposit Amount in accordance with the relevant Payment Instruction.
Weather Finance ▇▇▇ ▇▇▇▇ succeeded Hellas II as the parent guarantor in relation to the Senior Notes, issued by Hellas III and gave a full and unconditional guarantee in respect of all obligations of Hellas III, as issuer, owed to the noteholders.
As a consequence, Hellas II is no longer controlled by the Weather Group and so it has been deconsolidated with a finance income of €1,224 million.
The fact that Hellas II has entered into a pre-pack administration procedure has also triggered a default event for the Unsecured PIK Notes, having a nominal amount equal to €200 million, that are held by Hellas Telecommunications Finance SCA.