Van Gansewinkel Loans Said to Fall to Record Before Lenders MeetLuca Casiraghi
Van Gansewinkel Group BV’s loans tumbled to a record before the largest Dutch waste management firm meets with lenders next week, according to two people familiar with the situation.
Van Gansewinkel plans to meet creditors in London on Nov. 19 to discuss earnings and the sale of the company, said the people, who asked not to be identified because they’re not authorized to speak about it. The company’s 776 million euros ($964 million) of senior loans declined seven cents on the euro this month to about 68 cents, they said.
Van Gansewinkel’s private-equity owners CVC Capital Partners Ltd. and KKR & Co. acquired the company for about 800 million euros in 2007. It’s being hurt by greater competition and price pressure, the Eindhoven-based firm said in an earnings report published in March.
Nina Suter, a London-based spokeswoman for KKR employed by RLM Finsbury, declined to comment on the meeting with lenders. Carsten Huwendiek, a spokesman for CVC in London, and officials at Van Gansewinkel didn’t return calls and e-mails seeking comment on the meeting.
Lenders agreed to temporarily increase Van Gansewinkel’s maximum debt-to-earnings ratio and lower its interest coverage ratio for September to avoid breaching loan covenants. The restrictions will be restored for December.
Creditors approved a request in April last year to extend the company’s loans to 2017 and 2018.