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Avanti pulls off funding rescue
Satellites network operator Avanti Communications (AVN:AIM) is no longer up for sale after bondholders supported a $242m funding deal that appears to secure its near-term future. The agreement includes $130m of fresh cash plus the deferral of $112m worth of interest payments. The shares jumped 10% to 23p on the news, albeit still a far cry from the 320p levels of two years ago. (SF)