(Bloomberg) -- Tyco International Ltd. threatened to take away the right of bondholders to approve its breakup plan after more than two-thirds of its debt investors refused to tender their securities because they say they offer is too low.
Tyco may waive the ``majority consent'' covenant in its bond indentures, the Bermuda-based company said in a press release today. Tyco bondholder American International Group Inc. this week sued the owner of ADT security systems in an effort to block it from buying back $6.6 billion of debt as part of a plan to split into three companies.
Read more at Bloomberg Bonds News
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