FRANCE/GERMANY - PAI set to lose Monier to creditors
PAI partners has seemingly resigned itself to losing control of of troubled roofing business Monier Group (formerly Lafarge Roofing), after the lending consortium led by distressed investors Apollo, TowerBrook Captial and York Capital submitted a counter offer to PAI's previous proposal.
The new offer would effectively wipe out PAI's EUR 256m equity investment and EUR 25m mezzanine.
In previous proposals, PAI had sought to keep a majority of the equity and offered to inject up to EUR 135m of fresh capital in the company. PAI had also offered to transfer a significant part of Monier's equity to the creditors in return of a reduction in the company's EUR 1.8bn debt.
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