NEW YORK, March 6, 2013 /PRNewswire/ -- Several holders of the Perpetual Notes issued by Rede Energia have formed an informal ad hoc group in order to advance the value of the Perpetual Notes they hold. Rede is in a Brazilian insolvency proceeding, and is expected to propose a debt restructuring plan very soon. Once Rede proposes its restructuring plan, there will be a creditors meeting to vote on the plan, which will also likely take place soon.
To discuss specific steps Perpetual Noteholders should be taking immediately to prepare for the creditors meeting, including the ad hoc group's recommendation that the indenture trustee be replaced, the ad hoc group will host a conference call for Perpetual Noteholders on Monday, 11 March 2013 at 11:30am New York time. Rede's Brazilian insolvency will proceed very quickly, so there is little time to prepare and to accomplish the replacement of the indenture trustee. Note holders are therefore encouraged to join this conference call in all circumstances. To join the call, kindly contact the ad hoc group's legal counsel as quickly as possible as follows:
SOURCE Bingham McCutchen LLP