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Apax’s One Call Considers Competing Plans to Rework Debt

  • Creditors including KKR and GSO could gain control of the firm
  • One version envisions lenders backstopping a bankruptcy loan

One Call Corp., the workers comp service firm backed by Apax Partners LLP, is in talks with creditors about options to rework its $2 billion debt load that could give lenders an ownership stake.

The privately held company is negotiating with separate groups of creditors on multiple proposals, the people said, asking not to be identified discussing a confidential matter. Proposals include swapping debt for equity, giving creditors control of One Call through a deal that could be executed in bankruptcy court, they said.