
Cinven to relinquish control of Frans Bonhomme
Frans Bonhomme, a French plastic pipes specialist owned by Cinven, is reportedly about to be taken over by its creditors.
Faced with cashflow and current trading issues in recent months, Frans Bonhomme has seen its debt progressively bought by hedge funds including Centerbridge and Angelo Gordon. Cinven chose to pre-empt lenghty negotiations with its creditors and is set to let them take over the business, French daily Les Echos reported on Tuesday. The GP won't be injecting fresh equity in Frans Bonhomme, the paper added.
Cinven bought Frans Bonhomme for nearly €900m from Apax France in 2005, including a debt package believed to have been worth €775m at the time. Although the business is profitable, its current debt burden reportedly stands at around €600m.
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