KKR strikes deal to restructure German car repair chain ATU
FRANKFURT Dec 5 (Reuters) - Private equity group KKR has struck a deal to restructure the debt of loss-making car repair chain Auto-Teile Unger (ATU), ATU said on Thursday.
KKR and ATU's management have agreed on the main points of a debt-for-equity swap with the repair firm's main creditors, credit investment groups Centerbridge and Babson Capital as well as funds managed by Goldman Sachs, ATU added.
Under the deal, ATU, a household name in Germany that is majority-owned by KKR, is getting fresh equity of about 100 million euros ($136 million), while its debt is decreased by more than 600 million euros. HayFin Capital Management is supplying a fresh credit line of 75 million euros.
KKR will see its equity stake reduced to a small percentage, while private equity peer Centerbridge will become majority shareholder.
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