BNP, Natixis buy-out offer for utility Saur 90-percent approved

PARIS Fri Jun 14, 2013 10:38am EDT

French BNP Paribas bank logo is seen at their presentation of their 2010 annual results in Paris February 17, 2011. REUTERS/Charles Platiau

French BNP Paribas bank logo is seen at their presentation of their 2010 annual results in Paris February 17, 2011.

Credit: Reuters/Charles Platiau

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PARIS (Reuters) - A buy-out offer from BNP Paribas (BNPP.PA) and Natixis (CNAT.PA) for water and waste treatment company Saur has been approved by 90 percent of its lenders, a spokesman for the lenders said on Friday.

"Ninety percent of senior and junior lenders have approved the plan," a spokesman for lenders' committee CoCom said.

Saur, burdened by 1.8 billion euros ($2.3 billion) of debt, is trying to negotiate a restructuring with its lenders and shareholders before June 30, after which the firm risks being put under a court-sanctioned reorganization scheme.

(Reporting by Matthieu Protard; writing by Michel Rose; editing by John Irish)

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