If sources are to be believed, Egyptian billionaire Naguib Sawiris submitted a revised offer for Wind Hellas Telecommunications SA after lenders to the Greek telecommunications company failed to agree on a preferred bidder.

According to the sources, Sawiris is offering US$252 million of cash and plans to refinance Wind Hellas’s revolving-credit facility by raising US$404.98 million of bonds. Holders of Athens-based Wind Hellas’s US$1.67 billion of senior secured floating-rate notes will be offered US$153.58 million of bonds and 40% of the company.

As per the sources, Greece’s third-largest mobile-phone company requested revised proposals earlier this week from bidders, including the biggest Nordic phone operator Telenor ASA and Los Angeles-based investment firm Saban Capital Group Inc., after talks between creditors to select a buyer broke down. A group of senior bondholders also has sought to take over Wind Hellas.

According to Wind Hellas’s statement, it expects to make a choice in the near term, without being specific.

As per Sawiris’s proposal, senior secured bondholders will get the chance to invest in Wind Hellas, while holders of its subordinated bonds will be wiped out.