3i to restructure La Sirena debt
3i has asked lenders to restructure a partially amortised loan worth €90m for Spanish frozen foods retailer La Sirena.
Negotiations with Rabobank, Banco Espirito Santo and Natixis are underway to extend the repayments of the outstanding €90m debt agreed in 2007.
The firm is looking to make a final repayment on the banking debt between 2015-2016. La Sirena has hired Akerton to lead the talks with creditors.
In April 2012, 3i converted its shareholder loan into equity, with a positive effect on net assets and a significant reduction in the leverage of the business.
3i wholly acquired the firm in 2005 in a deal valued at around €150m.
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