Bloomberg News

NEW YORK — Lucent Technologies Inc.’s creditors agreed to ease restrictions on $4 billion of loans, allowing the No. 1 maker of telephone equipment to proceed with a debt restructuring plan, bankers familiar with the accord said.

The amendment to Lucent’s credit lines needed the approval of holders of more than 51% of the debt. Among the company’s creditors are, J.P. Morgan Chase & Co. and Citibank NA, which currently hold less than 25% in principal amount, Lucent said in the prospectus for its convertible share offering.

The restructuring plan will include taking a charge of as much as $9 billion and allow Lucent to pay an 8% dividend on convertible preferred shares issued Aug. 1.

The agreement also means that Standard & Poor’s will take Lucent’s debt off review for possible further downgrade, the ratings company said earlier. Lucent’s shares rose as much as 16 cents, or 2.6%, to $6.38 after falling as much as 20 cents, or 3.2%, to $6.02.

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