Better Capital sells ATH debt after 3-month holding

The investment was initially made through Bevap Capital Coal Ltd, a wholly-owned special purpose vehicle of Becap Fund LP, in November last year. Approximately £20m will be returned to the fund following the sale, including the £15m originally invested.

Following the debt purchase at the end of last year, Better Capital had been in talks to ultimately acquire the business. The talks fell through in December and the GP stated it will not take part in further restructuring plans – although a further return of capital is being considered.

ATH operates five mines in Scotland. It was reportedly hit by a slump in international coal prices last year.

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• Turnaround/Special Situations
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• Better Capital LLP