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.
Copyright © 2013 AltAssets