Conexant Wins Approval of Plan Swapping Soros Debt for Stock
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Conexant Systems Inc., a maker of semiconductors, won court approval of its restructuring plan that swaps debt held by its secured lender, an affiliate of funds managed by billionaire investor George Soros, for all of the equity in the reorganized company.
U.S. Bankruptcy Judge Mary F. Walrath approved the company’s bankruptcy plan, which it largely had worked out with creditors and stakeholders before seeking court protection, at a hearing today in Wilmington, Delaware.