Holders of Zip Co’s zero coupon senior convertible notes have accepted the company’s proposal for a restructure of the notes.  Under the amended terms and conditions, note holders will convert their notes into ordinary shares plus cash, and accept restructured notes that have 47.5 per cent of the face value of the outstanding notes.  In the process, a A$330 million liability will be reduced to $137.8 million.  This follows a similar transaction in December, when Zip offered holders of $70 million of its convertible notes cash and shares in return for discounting the value of their notes.