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KKR-backed Auto-Teile Unger nears restructuring deal with creditors

24 Oct 2013

car headlightsq_lrgPrivate equity firm KKR and its portfolio company Auto-Teile Unger (ATU) are close to securing a restructuring deal with the car repair company’s creditors.

KKR, ATU and the company’s largest creditor, private equity firm Centerbridge Partners, have agreed on a term sheet for a restructuring agreement.

ATU also said that Goldman Sachs, another significant creditor of the company, expressed its support for the restructuring.

Company CEO Hans-Norbert Topp said, “The fundamental agreement on the term sheet has advanced us greatly towards the completion of a transaction resulting in the comprehensive deleveraging of the company’s balance sheet.

“The term sheet remains subject to obtaining certain concessions from other financial parties, and there are a number of workstreams that remain in process.

“The past weeks have shown that all parties involved are committed to finding a solution, and we are optimistic that we will be able to complete a transaction.”

Earlier today KKR unveiled its quarterly results, which showed an increase in quarterly net economic income to $613.7m from $509.9m a year earlier.

KKR also revealed that its Energy Income and Growth Fund had hit its first close of $1.4bn.

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