| LONDON, March 20
LONDON, March 20 French private equity firm
Eurazeo is set to lose control of Europe's biggest
parking management firm Apcoa to a group of lenders led by U.S.
investment firm Centerbridge.
In a statement on Thursday, Apcoa said Eurazeo was likely to
exit the company following a successful financial restructuring
of the group's debt pile, which is due to complete by the middle
of the year and is likely to involve a debt for equity swap.
Lazard and Rothschild were appointed to advise Apcoa on a
debt restructuring which had to take place before the company's
650 million euros ($904 million) of buyout loans matured in
In November 2013, creditors led by financial investor
Centerbridge Partners provided bridge financing of 50 million
euros and agreed in principle to the company's plan to
restructure its debt.
Apcoa was bought by Eurazeo for 885 million euros
in August 2007 from Bahrain's Investcorp at the peak of the
buyout boom but has struggled to manage its debt burden in a
weak growth environment in Europe.
(Editing by Mark Potter)