LONDON(Reuters) – Lenders to French roofing company Monier Group have approved a restructuring deal that sees a group of debt investors take control of the company, a source with knowledge of the situation said on Thursday.
The deal is one of the largest “loan to own” restructurings in Europe, and has been led by debt investors Apollo Management, TowerBrook and York Capital.
Monier’s previous owner, private equity firm PAI Partners, made a rival debt-for-equity proposal to lenders but now faces losing control of one of its biggest investments. [ID:nLA669190]
The restructuring deal is set to be signed on Monday but lenders have already approved a waiver on an interest payment due at the end of the month, the source said.
The deal has been approved by 78 percent of lenders, more than the 75 percent required.
Before the debt restructuring, Monier owed about 1.9 billion euros ($2.67 billion) to more than 100 banks and hedge funds. The new capital structure will see about half this debt left on its balance sheet. ($1=.7106 euros) (Reporting by Tom Freke; Editing by Douwe Miedema and Mike Nesbit)