A group of lenders to British cab operator Addison Lee agreed to a rescue package that will hand them control of the troubled firm, according to a person familiar with the situation.
Creditors will provide 45 million pounds ($59 million) of fresh funds and refinance 100 million pounds of loans, extending the maturity on the debt by seven years, according to the person who asked not to be named because it’s private.
The Telegraph first reported Addison Lee’s rescue.
The deal was agreed after private equity owner Carlyle Group LP, which bought Addison Lee in 2013 for about 300 million pounds, failed to find a buyer. Bloomberg News reported in August that it was considering a U.S. listing.
Portions of the company’s debt were trading at distressed levels below 30% of face value earlier in January.
Source: Bloomberg
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