Graeme Hart's UCI gets reprieve from bondholders after missing payment

Mon, 21 Mar 2016

By Paul McBeth March 21 (BusinessDesk) - New Zealand billionaire Graeme Hart's UCI Holdings auto parts business has been given some breathing space by most of its bondholders after missing a US$17.3 million interest payment last week. On Friday, investors holding more than 80 percent of the US$400 million of February 2019 bonds agreed not to "seek to enforce any remedies against the company as a result of the event of default due to the failure to make the interest payment," UCI said in a statement. The so-called forbearance arrangement...

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