Investors lose stakes in Alliance Medical debt restructure

The move will all but wipe out DIC's 60% stake, taking it to 2.5%.  Bridgepoint's minority stake, retained as part of the tertiary deal, is written down to zero.

The new shareholders - Lloyds, Commerzbank and M&G Investments - will own an 85% stake in the business in return for reducing the burden of leverage from £570m to £250m.  The senior lenders have also injected an additional £60m, described as 'super senior', three-year notes, to help the company's turnaround plan. 

The balance of the company's equity will be held by the new CEO Philippe Houssiau, FD Paul Greensmith and other members of the management team, as well as subordinated debt investors, which will hold approximately 2.5%. 

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