Pelican Rouge CFO Geysels Said to Leave, Loans Seen Slumpingby and
Geysels, who has been at the company formerly known as Autobar Group Ltd. since 2014, will depart at the end of June, said the people, who asked not to be identified because they’re not authorized to speak about it. He will be replaced temporarily by Peter Morgan until a permanent successor is found, the people said lenders were told.
Private equity owner CVC Capital Partners handed control of Pelican Rouge to lenders including Angelo, Gordon & Co., and York Capital Management in 2014 in a deal that cut its debt by 50 percent to about 450 million euros ($512 million). Pelican Rouge’s loans due in October 2019 are quoted at about 72 cents on the euro, down 2 cents since the beginning of the week and about 10 cents lower this year, the people said.
Officials at Pelican Rouge didn’t respond to calls and an e-mail seeking comment on the CFO’s departure.
The company told lenders it expects earnings before interest, tax, depreciation and amortization to decline to 83 million euros next year, which would push its leverage ratio to near the maximum allowed under terms governing its loans, according to the people.