Cortefiel circled by distressed funds

According to reports, distressed debt funds are seeking to purchase some of the debt held by retailer Cortefiel, owned by Permira, CVC and PAI Partners, which is now trading at 42% of face value.

Cortefiel is struggling as the Spanish economy slows in the wake of the global economic downturn. The company borrowed EUR1.3bn in June 2007 in a recapitalisation of its 2005 buyout debt and is now thought to owe around EUR1.08bn.

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