Kem One Gets €30 Million Extra Debt as it Eyes Restructuring
A Kem One petrochemical plant in Fos-sur-Mer, Southern France.
Photographer: Clement Mahoudeau/AFP/Getty Images
French chemicals company Kem One SASU has obtained €30 million ($35.6 million) of fresh debt from its existing lenders as it continues to navigate a downturn in its market.
The firm owned by Apollo Global Management announced the new money in a presentation to investors on Saturday and seen by Bloomberg. Kem One previously obtained a €200 million loan from Monarch Alternative Capital and Arini Capital Management last March, and the newly announced debt has the same collateral and ranks alongside that loan.