Homeland Stores, Oklahoma City, last week began its financial restructuring, slated to be finished by midsummer. Its $95 million of senior secured bonds outstanding will be canceled, and bondholders will get $60 million face amount of new senior subordinated notes and $1.5 million cash. Bondholders and Homeland's general unsecured creditors will get about 60% and 35%, respectively, of the revamped company's equity. Homeland's existing equity holders will get 5% of the new equity plus options ...
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