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Eurolife Bondholders Vote For Restructuring

Investors in the Eurolife Secured Bond have voted to accept the restructuring proposals they were offered as an alternative to going into administration.

The bond was issued in 1999 but was unable to pay out in January this year. The restructuring proposals offer a minimum repayment of 60 per cent of the amount owed by the bond over five and a half years.

The vote was conducted by postal ballot, with a turnout over 80 per cent and votes cast in favour of 78 per cent.

The vote follows the transfer of Eurolife Assurance Companys life assurance business to Reliance Mutual Insurance Society on March 4. The sale of the life assurance book is expected to fund the first stage of the restructuring proposals.

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