KKR strikes deal to restructure ATU – Reuters

Reuters – Private equity group KKR has struck a deal to restructure the debt of loss-making car repair chain Auto-Teile Unger (ATU), ATU said on Thursday.

KKR and ATU’s management have agreed on the main points of a debt-for-equity swap with the repair firm’s main creditors, credit investment groups Centerbridge and Babson Capital as well as funds managed by Goldman Sachs, ATU added.

Under the deal, ATU, a household name in Germany that is majority-owned by KKR, is getting fresh equity of about 100 million euros ($136 million), while its debt is decreased by more than 600 million euros. HayFin Capital Management is supplying a fresh credit line of 75 million euros.

KKR will see its equity stake reduced to a small percentage, while private equity peer Centerbridge will become majority shareholder.

Related Posts

Leave a Reply

PEHUB Community

Join the 12493 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

Look Who’s Tweeting

Reuters VC and PE feed

RSS Feed Widget

Groups