Restructuring
FRANCE - CVC and Cognetas lose CPI investment
CVC and Cognetas have lost their stakes in Chevrillon Philippe Industrie (CPI), a book printing group. The Paris-based company was taken over by its lenders led by Royal Bank of Scotland. RBS, 17 other creditors and management will now hold 100% of the...
FRANCE - Duke Street loses control of Navimo
Duke Street Capital-backed Navimo, a producer of yachting accessories, has completed a restructuring that sees the private equity sponsor lose its majority interest in the business.
GREECE - TPG drops out of Wind Hellas restructure bid
TPG has dropped out of the process to restructure mobile telecom operator Wind Hellas. Reports suggest that current owner Weather Investments and Aladdin Capital which co-ordinates holders of subordinated bonds worth around EUR 500m, are the only two...
NETHERLANDS - Carlyle could be sidelined in Stahl restructuring
Reports suggest that French listed investment firm Wendel has put forward a proposal for the restructuring of Stahl Holding BV, which, if approved, would leave co-investor Carlyle in the margins only three years after the two joined forces in the acquisition.
GREECE - Apax, TPG consider Wind Hellas debt
Apax Partners and TPG are considering investing new money into Greek telecom giant Wind Hellas (formerly TIM Hellas) as the company looks to restructure its EUR 3.2bn debt pile.
FRANCE - Apax-backed Financière Hélios granted further sauvegarde protection
Apax Partners-backed Financière Hélios, a holding vehicle that controls 43% of engineering company Séchilienne-Sidec, has been granted another month of protection by the Parisian courts under the 'sauvegarde' procedure.
GERMANY – Bain Capital could be losing Bavaria Yacht
According to reports, Bain Capital might be losing its stake in troubled yacht builder Bavaria Yacht.
GERMANY - Dubai Intl Capital and Oaktree drop Almatis co-operation
Reports suggest that Dubai International Capital (DIC) and distressed debt investor Oaktree have decided not to follow through on the restructuring plans for alumina-maker Almatis, which DIC acquired in 2007.
GERMANY - RHJ's Honsel in debt-for-equity swap
RHJ International's Honsel AG reduces debt by EUR 370m in debt-for-equity swap.
KKR-backed NXP launches debt swap; reduces debt by $225m
Dutch semiconductor business NXP, backed by KKR, AlpInvest, Apax, Bain, and Silver Lake, has made a debt swap, reducing its overall debt by approximately $225m.
BELGIUM - Apax- and Cinven-backed Truvo looks at debt alternatives
Reports suggest that Apax Partners-backed European directories business Truvo (formerly VNU World Directories) has appointed Houlihan Lokey as financial adviser to help assess options on how to deal with its EUR 1.2bn debt pile, which could include a...
SPAIN - First Reserve-backed 9REN completes EUR 100m financing
First Reserve Corporation-backed renewable energy producer 9REN has completed the financing of a 14.7MW photovoltaic project in Southern Spain, raising over EUR 100m.
FRANCE/GERMANY - PAI set to lose Monier to creditors
PAI partners has seemingly resigned itself to losing control of of troubled roofing business Monier Group (formerly Lafarge Roofing), after the lending consortium led by distressed investors Apollo, TowerBrook Captial and York Capital submitted a counter...
GERMANY – Consortium offers debt restructuring to PAI partner’s Monier
According to reports, a consortium of distressed investors including Apollo Management, TowerBrook Capital and York Capital have approached the lenders of roofing material company Monier GmbH with a debt restructuring proposal. The investors have already...
UK - Gresham-backed Betts acquired by lenders
Gresham-backed toothpaste tube maker Betts Global has been acquired by its lenders in a pre-pack administration after breaching its banking covenants.
UK - EQT-backed SSP in danger of breaching covenants
Reports suggest that rail station caterer Select Service Partner (SSP) is in talks with its lenders, as falling commuter numbers have led to concerns that the company will breach the covenants on its £1bn debt.
UK - Octopus completes £2.65m CSL refinancing
Octopus Investments has refinanced alarm systems supplier CSL Dualcom Ltd, providing a £2.65m interest-only term loan.
ITALY – Candover-backed Ferretti defaults on debt
According to reports, Candover-backed yacht manufacturer Ferretti has defaulted on its payment on its debt repayments.
Restructuring and insolvency - Ominous silence
Advisers agree that times are set to become even grimmer. Restructuring and insolvency, already boom topics in the hard-hit UK, are now top of the agenda even in the DACH region. Mareen Goebel reports
ITALY – Candover-backed Ferretti to restructure debt
According to reports, Candover-backed yacht maker Ferretti has appointed Rothschild to advise on talks with its banking syndicate, led by Royal Bank of Scotland and Mediobanca, in relation to a potential restructuring its €1bn+ debt.
SPAIN - Change Partners-backed companies default payments
According to reports, Change Partners-backed electronic goods distributors Idea and Master Cadenas have defaulted on a EUR 160m debt repayment to banks and suppliers.
FRANCE - Candover recapitalises Qioptiq Group
Candover has completed a recapitalisation of portfolio optical solutions company Qioptiq Group. Financial terms were not disclosed, other than that European Capital and parent company American Capital collectively invested USD 85m in a mezzanine tranche.
UK - Dunedin recaps Capula
Dunedin portfolio company Capula, an independent provider of IT automation solutions to the energy, utility and nuclear markets, has undertaken a £6m recapitalisation.
Ready for restructure?
An economic slowdown and tightened liquidity are putting strain on portfolio companies. Private equity houses will need to initiate effective restructuring or see turnaround players and activist investors swoop for distressed assets, writes Nathan Williams