Western Union filed for a stock-for-debt swap.

The proposal to exchange new senior preferred shares and convertible preferred shares for the company’s publicly held debt and some of its private debt was filed with the Securities and Exchange Commission. The swap is part of a previously announced restructuring plan in which Pacific Asset Holdings L. P. and MBC Holdings Inc. will invest $250 million in cash in Western Union. The transaction will require approval by holders of 85% of the outstanding debt, as well as shareholder approval to merge Western Union Corp. into its principal unit, Western Union Telegraph Co.