Two years ago Georgia Gulf was near bankruptcy, saved only by a debt-for-equity swap that cut its debt in half.

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Essentially Citigroup is contesting a decision made by Mr Bondi to exclude it from the list of Parmalat's creditors, a step that would, if upheld, keep the bank out of a future debt-for-equity swap prior to Parmalat's re-flotation on the stockmarket.

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Germany is waiting for details of a debt-equity swap that Russia proposed last month.

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At the end of 1998, 72% of the creditor banks had agreed in principle to TPI's restructuring plan, which included an equity-for-debt swap.

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