Lenders
have rejected the suggestion that a plan to restructure 912.5m [pounds
sterling] of Terreal debt amounts to little more than a covenant reset, citing
the increased control and potential upside gained by lenders if they agree to a
restructuring proposal currently on the table.
Lenders in
the all-senior deal have until October 14 to decide whether to back the
proposal, which was made by incumbent sponsor LBO France and is backed by
management.
Under the
proposal, LBO France would make a 70m [pounds sterling] capital injection to
retain its majority equity stake, with management gaining from a revised
incentive package.
All debt
would be kept whole but …
Source
Access Library
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