Stonepeak-Backed Radiate, Lenders Fail to Cut Deal as Talks End
- Talks focused on new money investment, distressed exchange
- Its unsecured notes trade at around 52 cents on the dollar
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Stonepeak Partners LP-backed Radiate Holdco and its lenders have hit an impasse over how to tackle the cable provider’s liquidity needs, according to people familiar with the situation.
Some creditors had entered into non-disclosure agreements with the company, also known as Astound Broadband, to craft a debt restructuring in which Stonepeak would write an equity check to help shore up cash reserves, said the people, who asked not to be identified discussing a private matter. The discussions also touched on below-par debt exchanges.