Tyco Gets Bondholders' OK For $250M Settlement

Law360, New York (April 29, 2008, 12:00 AM EDT) -- With the consent of a majority of its bondholders, Tyco International Ltd. will move ahead with a $250 million settlement putting to rest a lawsuit related to the company's breakup into three separate entities last year.

The Bermuda company announced the settlement earlier this month but revealed that the bondholders’ suit currently pending in the U.S. District Court for the Southern District of New York would not be dismissed unless it received consent from its bondholders to waive defaults relating to Tyco’s breakup.

Tyco also asked...
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