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Tyco Agrees To Pay $250M To Settle Bondholder Suit

Law360 (April 11, 2008, 12:00 AM EDT) -- Tyco International will pay $250 million to its bondholders to settle a lawsuit related to the company's breakup into three separate entities last year, the company said Friday.

The lawsuit was filed last year by the holders of about 80% of Tyco's $3.7 billion in outstanding debt securities. The bondholders, represented by the Bank of New York, argued that the company’s 2007 spin-off of its health care and electronics divisions violated the terms of its debt.

Tyco agreed to make a cash payment of $250 million...
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