COPENHAGEN (Reuters) -Sweden’s Intrum, Europe’s biggest debt collector, said on Tuesday it had failed to reach a settlement with creditors who objected to the company’s restructuring plan, after it said earlier in the day it was seeking an agreement.
Intrum last month filed for Chapter 11 bankruptcy in the United States in a bid to restructure its debt, which reached 49.4 billion Swedish crowns ($4.53 billion) at the end of September.
Some creditors, collectively known as the 2025 Ad Hoc Group, have objected to the plan for a so-called pre-packaged Chapter 11 restructuring, jeopardising the scheme.
But Intrum said in a statement it would proceed with seeking confirmation of its pre-packaged Chapter 11 plan, after it failed to reach a settlement with the 2025 Ad Hoc Group.
A Chapter 11 hearing will proceed as planned on Tuesday in front of the United States Bankruptcy Court for the Southern District of Texas, Intrum added.
($1 = 10.9104 Swedish crowns)
(Reporting by Louise Rasmussen, editing by Essi Lehto and Terje Solsvik)
