BC Partners to restructure debt in Regency Entertainment
BC Partners has appointed the investment bank Houlihan Lokey to advise on the restructuring of Greek casino operator Regency Entertainment’s €557m debt, according to reports.
The company was acquired for €1bn in 2006 and the deal was financed with a large debt package.
It is understood the casino's earnings have been lower than expected following a drop in consumer spending owing to the financial problems facing the country. Creditors claim the company had added gaming tax to its profits to avoid a threatened breach of its banking covenants.
The debt restructuring of Regency Entertainment is the latest of a number of highly leveraged deals from the pre-crisis era that have run into problems.
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