June 4 Britain's Tragus Group, which runs the
Cafe Rouge and Strada chains, will shed more than 260 million
pounds ($435.21 million)of debt and offload up to 40 restaurants
in a sweeping restructuring by its new private equity owner, the
Times reported, without citing sources.
The paper said Tragus planned to sell the struggling Italian
chain Strada. (link.reuters.com/hez79v)
U.S.-based Apollo Global Management, which recently
took over control of Tragus from Blackstone Group LP,
also aims to exit between 30 and 40 Bella Italia and Cafe Rouge
leases, the Times reported.
It added that Apollo planned to use a debt-for-equity swap
to cut Tragus's borrowings from 354 million pounds to 91 million
Representatives for Apollo could not be reached for comment
outside of regular business hours.
($1 = 0.5974 British pounds)
(Reporting by Richa Naidu in Bangalore; Editing by Ken Wills)