Akerys investors face new distressed tender

French investment group Qualis is restructuring the bonds of its subsidiary, property developer Akerys, for the second time. The transaction includes a consent solicitation to eliminate the securities’ covenants and collateral, and Qualis is believed to have nearly enough votes to approve the changes.

  • 21 Oct 2011

Akerys is a French residential property developer and services provider whose website says it has 110,000 clients and 2,140 employees. Qualis has been its leading shareholder since at least 2006.

In July 2007 Akerys launched a €300m floating rate note, lead managed by BNP Paribas, Calyon and Société Générale, ...

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