Lenders move to take control of Park Resorts in debt-for-equity swap

GI Partners-backed Park Resorts is reportedly in restructuring talks with its lenders over a debt-for-equity swap that could see the private equity firm lose control of the business.

The company's lenders, led by Lloyds Banking Group, are said to be finalising details for the deal.

GI Partners acquired Park Resorts in 2007 in a deal that included £350m worth of debt. After a strategic review of the business last year, GI had to inject £15m of equity into the company. The private equity firm also replaced Park Resort's management and brought back David Vaughan, who led the team that founded the business in 2001.

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