Private Equity Holding escapes liquidation

Swiss-based Private Equity Holding has temporarily solved its liquidity problems after Swiss Life announced the deferment of a SFr 325m (EUR 221.3m) credit facility repayment. The facilty was governed by several covenants and was fully drawn by the end of 2002. At the beginning of January 2003, Private Equity Holding paid SFr 25m (EUR 17m) to Swiss Life in accordance with the covenants and committed to submitting an adequate proposal on the early repayment of the credit facility. At present, the options available to Private Equity Holding include refinancing the loan, the sale of portfolio stakes or the securitisation of a number of investments.

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• DACH