Alphatec, the biggest exporter of semiconductors in Thailand, has a month to restructure.
The holders of a $45 million Eurobond elected not to pull the rug under the company at a meeting yesterday. If they had chosen to put the company into defaul, other creditors would have rushed to recover their money, in effect closing Alphatec down.
In return for the grace period, Alphatec must cut sales and other costs in half, write off $326 million of overstatements and write off of $35.6 million on the sale of Alphatec USA.
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