Bondholders Tender 63% of Holdings in Greyhound : Restructuring: The bus company’s financial adviser expresses optimism that bankruptcy will be avoided.

Greyhound Lines Inc. said Sunday that more than 63% of its largest bondholder class has agreed to tender its holdings to the company in a financial restructuring designed to keep it out of Bankruptcy Court.

The tender offer to Greyhound’s subordinated debt holders, if successful, would complete the bus company’s restructuring, said Wilbur Ross Jr., senior managing partner for Rothschild Inc., Greyhound’s financial adviser.

“This is more than just a step,” Ross said, “it’s the step. There are bad implications if we don’t have this done before Christmas.”

The offer to bondholders requires the tendering of at least 90% of Greyhound’s convertible, subordinated debt and the completion of a $35-million stock offering to current shareholders.

Greyhound said in a statement that should the offer be unsuccessful, its board has approved the preparation of documents necessary for filing a prepackaged bankruptcy plan.

On Nov. 10, Greyhound and a bondholders’ committee agreed to the reorganization, which would give bondholders about 45% of Greyhound in exchange for forgiving $98.9 million in debt and $4.5 million in interest. The bondholders would also get to nominate two of Greyhound’s nine directors.

Greyhound said the tender offer would give subordinated bondholders about 256 shares of common stock in the Dallas-based company for each $1,000 bond.

The offer was mailed to bondholders on Nov. 23 and set to expire on Dec. 21. Ross expressed confidence that the offer will be successful.

“Greyhound has had its share of its ruts in the road,” he said. “Nobody has announced opposition. There is no logical source of trouble going forward. As the holders get to understand it, they will understand the benefits to them.”

Holders of other bonds will not be affected by the settlement.

Based on the values assigned to the rights offering, Greyhound’s stock is expected to be worth about $2.15 a share after the restructuring, according to Robin Phelan, the attorney representing the bondholders committee.