originally posted on 07/21/2012:

Breaking News : SBR Bondholders May Face 70% 'Haircut': Source


A person familiar with the negotiations to slash SBR's massive debt said private creditors participating in the deal would face an overall loss on their bondholdings of around 70 percent.

The person said Saturday that the 70 percent loss was produced by cutting the bonds' face value in half, reducing the average interest rate to less than 4 percent and pushing repayment of the bonds months into the future.