Kiekert Group revs up with EUR20m cash injection
Morgan Stanley, Bluebay and Silverpoint injected EUR20m of their own capital into troubled automotive supplier Kiekert AG. This move is complemented by concessions regarding Kiekert AG's interest charges.
In 2000, Permira (then known as Schroder Ventures) acquired a 75% stake in Kiekert AG in a leveraged buyout for around EUR530m. Permira lost its stake, estimated to have been worth more than EUR110m, after a debt-for-equity swap with banks and hedge funds (January 2007, page 16).
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