Initial feedback from investors in Singapore and Hong Kong reveals discomfort with the proposed restructuring, raising the possibility of opposition from a group of bond investors, two bondholder sources said.
A group of bondholders of Vedanta Resources, including Oaktree Capital Management and Avenue Capital, have appointed Cleary Gottlieb Steen & Hamilton LLP as their legal advisor. The move comes as Vedanta Resources initiates talks with bondholders to roll over the bonds on different terms. The company is also in discussions with global private credit funds to syndicate a $1 billion short-term loan to partially pay off $3.2 billion of bonds maturing in 2024 and 2025.