KKR's ATU in debt-for-equity swap

The firm's debt of around €600m, held by ATU's main creditors Centerbridge Partners, Goldman Sachs Investment Partners and Babson Capital, will be swapped for equity, leaving Centerbridge as new majority shareholder. 

Acquired by KKR in 2004, ATU will also receive €100m of fresh equity as well as a €75m fresh credit line, provided by HayFin Capital and due to mature in 2018. The firm's restructuring process will most likely end in early 2014, ATU said in a statement.

In October this year, ATU already entered an agreement with its creditors, securing a fresh $25m in order to reduce its debt.

Company
ATU is a car parts stockist and repair chain, operating 650 branches across Germany, Austria, the Czech Republic, the Netherlands, Switzerland and Italy. Its main business is the retail of car parts and their fitting in its own repair centres.

Founded in 1985, the firm is headquartered in Weiden, Germany, and generates a  €1.16bn turnover. ATU currently employs around 12,000 staff.

People
Hans-Norbert Topp has been managing director of ATU since July this year.

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• Topics
• DACH
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• Germany
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• Debt-for-equity swap