WPP Buys CCG Debt from Cerberus

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NEW YORK WPP Group has moved ahead in its effort to acquire troubled Cordiant Communica-
tions Group, paying $149 million for CCG’s remaining debt held by Cerberus Capital Management.

WPP said it paid $18.2 million over the par value paid to the rest of the holders of CCG’s $424 million in debt. The Cerberus payment is included in the previously announced $51 million of CCG reorganization costs, WPP said.

The move comes amid a flurry of activity this week in the ongoing CCG saga.




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