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Apollo to Lose Control of Lumileds in $1.3 Billion Debt Deal

  • Firm says US, Netherlands operations enter into Chapter 11
  • Secured lenders to take control of the firm after proceedings
Updated on

Apollo Global Management LLC is set to lose control of a lighting components firm it owns after the company reached a deal to reduce its debt and filed for bankruptcy, as it grapples with supply chain constraints exacerbated by the war in Ukraine. 

Lumileds Holding B.V., which supplies energy-efficient LED lighting for automotive displays, said in a statement it entered into an agreement with key lenders and commenced Chapter 11 proceedings limited to its US and Netherlands operations. It said it expected to emerge from proceedings within 60 days after cutting its debt by $1.3 billion.