British Vita lenders support debt for equity swap

20 Apr 2009

Lenders to British Vita, the UK chemicals group, have voted to support a debt to equity swap restructuring of the company’s debt. Over 75% of lenders — enough to approve the scheme of arrangement — voted in support on Friday.

Under the terms of the restructuring, Texas Pacific Group, the sponsor, and mezzanine lenders are injecting Eu60m of new money, in return for 50.1% of the equity. The senior lenders’ debt is to be written down to Eu100m in return for 37.5% equity and the mezzanine to zero, ...

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