Apcoa’s Lenders Agree to Write Off More Than 440 Million EurosJulie Miecamp
Apcoa Parking AG, the German car park operator seeking to restructure about 640 million euros ($851 million) of buyout loans, agreed to a deal that will reduce its debt by almost 70 percent.
Private-equity owner Eurazeo SA and more than 95 percent of lenders backed a plan to cut the Stuttgart-based company’s borrowings by more than 440 million euros, according to an e-mailed statement from Apcoa. Deutsche Bank AG will provide an additional 90 million euros of new loans to help the company expand.
Apcoa, which has been negotiating with stakeholders since September, said in a court filing in April it wouldn’t be able to repay buyout loans that were due that month. The manager of 1.4 million parking spaces across Europe then received a London court order to extend the debt’s maturity to July 25.
Centerbridge Partners LP, which held more than half of Apcoa’s debt at the time, was among creditors that approved the later deadline, according to a court filing.
Lenders have now agreed to push back the maturity of the remaining debt by six years and Apcoa expects the restructuring to be completed in October under a second U.K. scheme of arrangement, according to the statement.
Eurazeo bought Apcoa for 885 million euros in 2007 in a deal backed by 660 million of loans. The Paris-based private-equity firm will probably exit the company after the restructuring is completed, Apcoa said in March.