ITALY – PAI-backed Saeco could be sold to Philips

It is understood that PAI Partners and Saeco approached the banks with a debt restructuring proposal which was rejected. The banks are awaiting a second proposal which should be put forth over the next week. Meanwhile, Saeco has retained Lazard and Alvarez & Marsal as advisers for the sale.

PAI Partners acquired Saeco in early 2004 in a deal announced at EUR 825m including EUR 540m debt (senior and mezz).

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