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WESTERN UNION WINS BANKS’ APPROVAL TO REDUCE REPAYMENTS ON ITS LOANS

Struggling US telecommunications player Western Union Corp has finally won agreement from its bankers for less onerous terms on its loans, a development that makes it less likely that the company will have to file for Chapter XI bankruptcy protection. The bankers have agreed to allow the Upper Saddle River, New Jersey firm to repay only between 68% and 75% of the $273m owed them, and up to $30m of the repayment can be in shares. The company is now in a position to proceed with other provisions contained in the proposals put by Pacific Asset Holdings Limited Partnership and MDC Holdings Inc, which will lead to their gaining control of it.

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CBR Staff Writer

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