Anglo to restructure debts

Bondholders at Anglo Irish Bank have voted to support a restructuring of the bank’s debts. More than 90 per cent of holders of two sets of outstanding bonds have agreed to take part in the restructuring in exchange for an offer of 20 per cent of the face value of their claims. The exchange, which offers less than market value for the bonds, is being seen as a test case for bank debt restructurings.