Apcoa is due to complete a debt restructuring that will see Centerbridge take control of the company, said Reuters, citing banking sources.
Centerbridge acquired millions of euros of Apcoa’s debt at the end of last year with a view to take a controlling stake in the company, which is currently owned by Eurazeo.
Apcoa’s jurisdiction was changed to the UK in March, enabling it to amend and extend its €650m of debt, giving it time to undergo a restructuring that will involve a debt for equity swap, said the report.
It expects to refinance the restructured debt and is currently talking to lenders about the idea.
“Centerbridge will in effect become like a private equity owner and selling the debt will be like taking a dividend,” said one of the people.
Last December Centerbridge scrapped a $3.3bn deal for bankrupt telecommunications business LightSquared.
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