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
Can’t stop reading? Read more
Hildred Capital closes $800m healthcare private equity fund
Hildred Capital Management closed its third fund, Hildred Equity Partners III, raising over $800m....
Providence Equity explores £1bn sale of CloserStill Media amid sector growth
Providence Equity Partners is considering the sale of CloserStill Media, a UK-based events...
Barry’s Bootcamp expands global footprint with Princeton Equity Group investment
Barry’s Bootcamp, the renowned boutique fitness brand, has secured new funding from Princeton...