Latest news with #LibbyCherry
Mint
2 days ago
- Business
- Mint
Banks Offload Colisee Debt Ahead of Restructuring Deadline
(Bloomberg) -- Some bank lenders to Colisee Group SAS are offloading their exposure to the cash-strapped care home operator at steep discounts, as an August deadline looms over restructuring talks between the firm and its debt holders. A €20 million ($23.4 million) portion of the EQT-owned company's revolving credit facility was sold recently at a price below 60 cents on the euro, according to people familiar with the matter. There have been several similar trades executed lately, the people added, asking not to be identified as the matter is private. The deeply discounted sales come amid increasingly tense negotiations between the French firm, its private equity sponsor and fund managers that own Colisee's €1.17 billion of term loans over how to rework its debt stack. What was expected to be a relatively quick process has turned into a tussle between EQT and Colisee's lenders. The deadline for an agreement is in mid-August, according to the people. Colisee is currently in a 'conciliation procedure,' a French pre-insolvency process that aims to get a company and its lenders to agree on a restructuring proposal. The process usually last no longer than five months, and if a conclusion isn't reached in that time, another attempt can't be initiated for another three months. Questions remain as to how long the company has before it runs out of cash, given it had to defer an interest payment due under its term loan earlier this year. Representatives for Colisee and EQT declined to comment. EQT had initially offered to inject over €200 million of cash in exchange for the lenders converting around a third of the loan in equity. And while the private equity owner has tweaked its proposal since then, term loan holders still disagree over the treatment of the revolving credit facility and the amount of support from EQT, the people familiar said. With this in mind, creditors are working on a lender-led plan for the company, some of the people said. --With assistance from Libby Cherry. More stories like this are available on
Bloomberg
14-06-2025
- Business
- Bloomberg
Selecta's Debt Deal Leaves Bitter Aftertaste for Some Creditors
By and Libby Cherry Save Welcome to The Brink. It's Giulia Morpurgo and Libby Cherry, reporters in London and Frankfurt, where we looked at the peculiar features of the deal to restructure the debt of Selecta. We also have news on Ecuador, Marelli and EchoStar. Follow this link to subscribe. Send us feedback and tips at debtnews@ The restructuring of the Swiss vending machine operator Selecta 's announced this week leaves some of its minority debt holders with an invidious choice, Giulia Morpurgo and Libby Cherry write.
Bloomberg
10-06-2025
- Business
- Bloomberg
Solar's Hopes Dim as Post-Covid Boom Turns to Trump-Era Bust
Welcome to The Brink. We're Libby Cherry and Ed Clark, reporters in London, where we've been following the travails of the solar industry. We also have the latest on China's property crisis and Altice France. Follow this link to subscribe. Send us feedback and tips at debtnews@ Solar companies in the US and Europe boomed in the wake of the pandemic and the war in Ukraine as government incentives and record high gas prices drove installs. Now, they are reeling in the face of still-high interest rates and regulatory uncertainty, while Chinese manufacturers flood the European market with cheaper products.
Bloomberg
24-05-2025
- Automotive
- Bloomberg
Banks Hold Line as Hedge Funds Circle German Auto Suppliers
Welcome to The Brink. I'm Libby Cherry, a reporter in Frankfurt, where I'm covering distress in the European automotive supplier sector. We also have updates on a New York private school trying to stay afloat and an interview with Polus. Follow this link to subscribe. Send us feedback and tips at debtnews@ The restructuring of auto supplier Webasto this week gave some reassurance to players in a key German manufacturing sector that's being eyed up by distressed debt investors.
Bloomberg
01-04-2025
- Business
- Bloomberg
Private Equity's Pandemic Bets Unravel as Normal Life Returns
By and Libby Cherry Save Welcome to The Brink. It's Giulia Morpurgo in London and Libby Cherry in Frankfurt, where we looked at the unraveling of pandemic bets. We also have news on UK universities, Sunnova and J&J. Follow this link to subscribe. Send us feedback and tips at debtnews@ In March 2020, the first coronavirus-induced lockdowns altered everyday life dramatically.
