The firms are among the holders of IVG’s debt and could take control of the company after it failed to reach an agreement with its creditors to restructure €4bn of debt, said Reuters, citing two sources close to the situation.
Last ditch talks with creditors are nearing an end, said the sources, and IVG has only days left to negotiate a restructuring agreement before court insolvency proceedings begin.
Private equity funds have been buying IVG’s debt with a view to secure control over the business. However, none has managed to secure a controlling stake in the company, which has more than 250 creditors, said the people.
Earlier this week Apollo and TPG sold about $600m of their shares in US cruise operator Norwegian Cruise Line Holdings ahead of its impending IPO.
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