SVP, Lenders in Advanced Talks to Extend Kloeckner's Senior Debt
Strategic Value Partners and a group of creditors of Kloeckner Pentaplast are in advanced talks to extend the maturity of the German packaging company's senior debt beyond next year as inflation and waning demand pressure its business, according to people with knowledge of the matter.
As part of the discussions, the group of senior creditors have asked the US alternative investment firm —which is the controlling shareholder of the company — to inject about €300 million ($343 million) of equity into Kloeckner Pentaplast, said the people, who asked not to be identified discussing private information. The creditor group is being advised by Gibson Dunn & Crutcher and Houlihan Lokey Inc.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
10 minutes ago
- Bloomberg
Austria Rating Cut to Record Low by Fitch as Budget Woes Persist
Austria 's sovereign credit was cut by Fitch Ratings to two steps below the top mark for the first time, handing the government another setback in its bid to repair the country's finances. Fitch lowered Austria's rating to AA with a stable outlook from AA+, according to a statement Friday. Austria's deficit was higher than forecast 'driven by a worse economic environment and overspending at the local government and municipality level,' the ratings firm said.
Bloomberg
an hour ago
- Bloomberg
Tesla's EV Deliveries Are Seen Falling as Demand Erodes Sharply
Wall Street is reining in expectations for Tesla Inc. deliveries as the Elon Musk-run automaker struggles with waning consumer demand and the threat of reduced US federal incentives for electric vehicles. Analysts at Oppenheimer on Friday cut their estimates for handovers this year and next, citing weak data out of China and Europe. With expectations for 1.63 million deliveries in 2025, the securities firm is projecting what would be the second straight annual decline. That's below the 1.7 million average of analyst estimates compiled by Bloomberg.
Yahoo
an hour ago
- Yahoo
Delivery Hero and Glovo fined $375m for anti-competitive practices in EEA
The European Commission has imposed fines totalling €329m ($375m) on Germany-based Delivery Hero and Spanish company Glovo for engaging in anti-competitive practices within the European Economic Area (EEA). The decision marks the first instance of the commission penalising a cartel in the labour market. The fines reflect misuse of a minority shareholding to facilitate anti-competitive coordination. Delivery Hero and Glovo, Europe's two leading food delivery companies, are known for delivering restaurant-prepared meals, groceries and retail products. Both were found to have violated antitrust laws over a four-year period. In July 2024, the EU Commission began an investigation into the two companies for potential antitrust violations. The commission's investigation revealed that Delivery Hero and Glovo had agreements in place to avoid poaching each other's employees, to exchange commercially sensitive information, and to divide geographic markets between themselves. This collusion reduced consumer choice, limited employment opportunities and stifled the incentive to compete and innovate. Both companies admitted their involvement and agreed to settle, with Delivery Hero fined €223.285m and Glovo €105.732m. The fines were calculated based on the commission's 2006 guidelines on fines, taking into account the cartel's nature, geographic scope, duration and evolution. From July 2018, when Delivery Hero acquired a minority stake in Glovo, until July 2022 when it took sole control, the companies' competitive constraints were progressively eliminated. They entered into a non-poaching agreement, shared sensitive information and allocated markets to avoid competition, facilitated by Delivery Hero's stake in Glovo. The fines reflect the seriousness of the infringement, with a standard 10% reduction applied due to the companies' admission of liability, in accordance with the Commission's 2008 Settlement Notice. "Delivery Hero and Glovo fined $375m for anti-competitive practices in EEA" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
