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Apollo eyes massive Tragus restaurants restructuring following buyout from Blackstone

4 Jun 2014

news_food_pasta.lrgApollo Global Management is reportedly planning a sweeping restructuring of the Cafe Rouge and Strada restaurant chains it owns through Britain’s Tragus Group.

The firm is aiming to drop more than £260m of debt and sell up to 40 restaurants according to the Times newspaper, which did not say where the information came from.

Strada is set to be sold while Cafe Rouge and Bella Italia will exit between 30 and 40 leases, it added, saying Apollo was also planning a debt-for-equity swap to cut Tragus’ borrowing from £354m to £91m.

Apollo led a group to buy Tragus from fellow buyout house Blackstone in March.

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