A crossholder group of creditors in Cerba has signed a co-op agreement after the French lab company’s sponsors — EQT and PSP — committed €100m of senior debt last week to smooth over a liquidity shortfall, according to 9fin sources.

The steerco includes Sona, Arini, Invesco, and Anchorage, according to sources. Other large holders in the term loans include CVC and PGIM, as 9fin reported.

The crossholder group — which is advised by PJT, Milbank, and Willkie, as 9fin reported — represents 70% of secured creditors and some unsecured creditors, according to sources.

Cerba, which offers routine and specialised medical testing, was once a darling investment of the pandemic era but has been struggling under a nearly €5bn debt pile (9.4x net leverage) and reduced testing demand post-pandemic. (See our recent analysis here).