UPC Gains Court Approval for Chapter 11 Plan to Convert Debt to New Equity

United Pan-Europe Communications N.V. (UPC) was granted approval for its Chapter 11 plan of reorganization by a U.S. bankruptcy court. Under the plan, approximately $937.5 million in Belmarken Notes, $4,688.2 million of UPC Notes, $1.7 billion of convertible preference shares, all of the priority shares and all of the ordinary shares A, including those represented by American Depositary Shares, will be converted into new equity of New UPC. The company hopes to complete the reorganization process before the end of Q1 2003.
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