German Tech Rental Firm Grover Nears Restructuring Deal in Court

Electronics-rental company Grover Group is nearing a restructuring deal that will see some creditors take over the majority of the equity of the German startup.

Investors led by Fasanara Capital and M&G are poised to inject €30 million ($34 million) to €35 million in fresh funds, thereby taking over the bulk of the equity, according to people familiar with the matter. Existing shareholders will retain a stake of between 5% and 10%, the people said. A portion of the existing debt will also be subordinated, separate people familiar said.