Debt-for-equity
Hony to lose control of PizzaExpress in debt-for-equity swap – report
Many bondholders bought into the restaurant chain in late 2019 as its bonds traded lower
Bridgepoint-backed Fat Face in debt-to-equity swap – report
Deal would reduce Fat Face's present £120m borrowing levels via a debt-for-equity swap
Deal in Focus: Idea CCR I in turnaround for Pigna
Investment in struggling pulp and paper company is the third investment by the debt-for-equity investor
BWB converts DKK 62m of loans to equity in Hydratech
Recapitalisation comes after five years of losses at the Danish business
KKR acquires Hilding Anders from Arle
Deal comes three years after KKR provided a €350m PIK facility as part of a refinancing
Italy’s restructuring deals turning debt market around
The country is still suffering from a legacy of sub-performing loans, though new regulation should allow credit funds to emerge
Ares holds final close for fifth fund on $7.85bn
Fund will make a mixture of debt and equity investments across Europe and the US
Alchemy secures majority stake in Incisive Media
Debt reduced from £110m to £25m
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.
Banks take over Relacom from Altor
Altor’s portfolio company Relacom has been taken over by the banks after the investor agreed to sell its shares.
Permira hands over Dinosol keys
Lenders who supported Permira’s buyout of Spanish food retailer Dinosol have become majority shareholders in the company in a debt-for-equity swap.
Dubai Capital-owned Alliance Medical launches sale process
Dubai International Capital (DIC) portfolio company Alliance Medical has launched a sale process, which will run alongside restructuring plans, according to reports.
ICG buys RBS €1.4bn credit portfolio
Intermediate Capital Group (ICG) has signed a deal to acquire the Royal Bank of Scotland’s (RBS) €1.4bn portfolio of European loans.
GSO Capital Solutions Fund exceeds $3.25bn
GSO Capital Partners, the credit unit of Blackstone Group, has held a final close on its credit fund, GSO Capital Solutions Fund on more than $3.25bn.
The automotive sector: a stable proposition?
The news that beleaguered Stabilus has been taken over by Triton draws attention to the European automotive sector, which, for private equity, remains a dangerous proposition, according to insiders. Mareen Goebel reports.
Triton acquires Stabilus in debt-for-equity swap
Triton has become the new owner of Stabilus GmbH following a debt-for-equity swap.
Oaktree to take control of DIC's Almatis
It is believed that Oaktree Capital Partners is taking control of alumina maker Almatis, a portfolio company of Dubai International Capital (DIC) in a debt-for-equity swap that will reduce the company's €667m debt load.
Reality check
Coming out of the worst recession for a generation, it is tempting to look for a positive angle or find an optimistic spin on the latest developments. Luckily, this month I did need not to look far: the latest unquote” Q4 Barometer, produced in association...