By  on June 4, 2014

PARIS — Vivarte said it has reached an agreement with a group of 12 lenders to reduce its existing debt of 2.8 billion euros, or $3.8 billion at current exchange, to 800 million euros, or $1.1 billion.

The remaining 2 billion euros, or $2.7 billion, of debt are to be converted “into equity and quasi-equity instruments, so that current lenders will become shareholders at the end of the restructuring process,” the company said.

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