Analysts said the company was seeking to reduce interest expenses by swapping debt for equity.

Mexico said today that it had accepted $3.67 billion in bids from foreign banks in its innovative program to swap debt for bonds.

The auction, the first of its kind, was designed to offer foreign banks the chance to swap Mexican debt at a discount for the bonds.

In the late 1980's, the group pioneered the concept of swapping debt owed by a government for commitments to conserve land.

She said it was possible to approach investors with a deal allowing Venezuela to swap current debt for new bonds.

Midland to swap debt for Argentina equity stakes.

Left to their own devices, banks will continue to deal with one country after another, pushing, cajoling, swapping debt for equity, making concessions as necessary.

Bondholders have said the talks have focused on swapping debt for equity in his properties.

In making the offering, the company would be following a trend to swap debt for equity.

Senior lenders would swap debt for stock.