June 1, 2018 / 2:32 AM / a year ago

Bondholders led by BlackRock agree to rescue Australia's Quintis

SYDNEY, June 1 (Reuters) - Bondholders led by BlackRock Inc have agreed to rescue Quintis Ltd with a plan to inject capital and take it private, the administrator for the Australian sandalwood firm said.

Between A$125 million and A$175 million ($95 million to $132 million) in capital will be provided and the bondholders will acquire control of the company.

“The proposal will make available a pool of funds to provide a return to unsecured creditors,” administrator McGrathNicol said in a statement.

“It is expected that the proposal will be supported by growers, employees and creditors whose rights and long term interests are protected.”

BlackRock, the world’s biggest asset manager and the largest Quintis bondholder, declined to comment.

$1 = 1.3228 Australian dollars Reporting by Tom Westbrook; Editing by Edwina Gibbs

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