9:11 AM Bank of Ireland (IRE +8.9) has proposed paying subordinated bondholders roughly 50% of face value for €1.5B in debt they hold. Paying just €750M to erase €1.5B in debt would translate into a €750M equity gain for BofI, which needs to raise $2,2B of equity by the end of February. BofI shares are up 80% in the last week. [Global]
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