KKR to present revamp plan for German car repair chain ATU by Oct
FRANKFURT Aug 8 (Reuters) - KKR-owned car repair chain Auto-Teile Unger (ATU), a household name in Germany, will present a restructuring plan by October, the loss-making company said on Thursday.
ATU and the private equity investor are currently working on a long-term concept to overhaul the equity and liquidity situation, ATU said in its a statement, confirming a Reuters report about the planned revamp.
Sources familiar with the transaction had told Reuters that KKR is in talks with credit investment firm Centerbridge - which has bought up a substantial portion of ATU's bonds - on a plan that is likely to include swapping part of the company's debt of around 600 million euros for equity.
ATU also said in its fiscal year 2012/2013, which runs until the end of June, earnings before interest, taxes, depreciation and amortization (EBITDA) dropped to 62 million euros ($83 million) from 103 million in the year-earlier period. It posted a net loss for the period.
- U.S.'s Kerry expresses regret to India over diplomat case |
- Mega Millions winners in Georgia, California to split $648 million |
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- China confirms near miss with U.S. ship in South China Sea
- Fed cuts bond buying in first step away from historic stimulus |