Investors and banks throw lifeline to HB

PUBLISHED : Friday, 22 January, 1999, 12:00am
UPDATED : Friday, 22 January, 1999, 12:00am

Troubled telephone-maker HB International Holdings has made an agreement in principle with a consortium of investors and a number of banks for a capital injection into the company and debt restructuring. 'The company has accordingly instructed lawyers to draft the necessary documentation to formalise the full terms of the proposal,' the company said. HB International said should the proposal proceed, the consortium would hold 35 per cent of the share capital of the company. As of November, the company owed $860 million to banks and creditors.