Creditor advisers, which include Houlihan Lokey Inc. and Davis Polk & Wardwell, have signed non-disclosure agreements to discuss a debt plan after earlier making a preliminary proposal to the company, the people said. Since then, the advisers pitched a revised deal that centers around creditors providing the company with fresh cash, said the people, who asked not to be identified because the negotiations are private.
The potential investment would be less than $1 billion and could sit at the company’s Level 3 Communications subsidiary, the people said. Talks are fluid, in the early stages and could fall apart, they added. Lumen has more than $20 billion of long-term debt tied to multiple businesses. The proposal calls for near-term debt maturities to be extended, the people said.
France Dernières Nouvelles, France Actualités
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