11 Aug 2011

Bluestar restructure approved

7:17 am on 11 August 2011

Bondholders in printing company Bluestar Group have extended a lifeline to the struggling firm and approved a controversial restructure of its debt.

The bondholders approved the restructure by 76.9%, over the 75% threshold needed to implement the changes.

But many bondholders are unhappy about the deal, saying it's unfair they will lose $32 million in unpaid interest.

Bluestar's managing director Chris Mitchell says it was humbling for the company to be in such a position and equally difficult for investors to make the decision.