KKR's ATU receives $25m and nears debt restructuring

Creditors Centerbridge, a credit investment group and funds managed by Goldman Sachs have entered talks to reduce the German car part manufacturer's debt. Furthermore, Centerbridge has injected $25m of equity into the business, which was acquired by KKR in 2004.

ATU is said to have €600m of debt, 75% of which is held by Centerbridge and Goldman Sachs, according to Reuters.

At the beginning of the month, KKR was reported to be considering a debt-for-equity swap for ATU from its main creditors, as well as external bids from potential buyers.

In 2008, ATU received €140m in equity from KKR and former owner Doughty Hanson, after the firm's revenues suffered from declining customer demand.

Hans-Norbert Topp was brought in as managing director of ATU in July this year.

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