A consortium of creditors led by York Capital Management and Angelo, Gordon & Co will convert part of their debt into equity, said the Financial Times, citing people familiar with the matter.
The restructuring is set to reduce Autobar’s debt pile to €450m from €950m.
CVC bought the company from Charterhouse in 2012 for €1.2bn including debt.
The firm invested in Autobar from its €11bn 2008-vintage fund, which was generating a return of around ten per cent, according to CalPERS data.
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