Pestalozzi advises a majority group of bondholders in connection with Idorsia AG's restructuring
Pestalozzi advises a group of financial institutions representing a majority of holders of CHF 800 million in aggregate of convertible bonds issued by Idorsia AG, a Swiss biopharmaceutical company having its shares and bonds listed at the SIX Swiss Stock Exchange, in connection with the "holistic" restructuring of Idorsia AG. The group of bondholders agreed to the granting of a CHF 150 million new money facility and a restructuring of the outstanding bonds. The restructuring of the bonds involves the amendment of certain terms of the bonds followed by an offer for the exchange of the convertible bonds into newly issued bonds secured by certain material assets of the group. For more details: Idorsia | Media release