Greek Creditor Committee Said Near Hiring Blackstone, Law Firms

A steering committee representing global banks and insurers is close to hiring Blackstone Group LP and two law firms to advise it on debt-swap talks with Greece, according to two people familiar with the matter.

A formal engagement with Blackstone, White & Case LLP and Allen & Overy LLP may be completed as early as this week, said one of the people, who declined to be identified because talks are private. The steering committee was formed last month by a private creditor-investor group and is conducting negotiations on the voluntary debt swap with Greek and European authorities.

Creditors are working with the advisers to limit their losses in a debt restructuring after already agreeing to accept a 50 percent writedown on the face value of their Greek sovereign holdings. The steering committee, which includes representatives from AXA SA, Commerzbank AG, ING Groep NV and National Bank of Greece SA, is seeking to reach an agreement on the details of a swap in early January, one person said.

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