Software Firm GoTo Group Reaches Framework on Debt Exchange Deal
- The tentative debt deal includes a new money component
- Some lenders have wanted to tighten loopholes in loan rules
The proposal calls for roughly $100 million of new money, while the debt exchange will be open to a broader group of lenders.
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A group of lenders to GoTo Group Inc. have agreed to a plan that would reduce the company’s debt while tightening protections for creditors that participate in the deal, according to people familiar with the situation.
The information technology software maker has been holding confidential talks with some creditors to slash its debt load and take advantage of the weak trading levels on its loans.