The TLB lenders were concerned the proposed debt amendment would subordinate their position, as reported. Intermediate Capital Group (ICG) is the largest lender in the group’s TLB. Other lenders include M&G Investments, Anchorage Capital Partners, Bain Capital and Hayfin.

In response to pushback, the company has revised its proposal to the following:

• Of the total proposed €25m equity injection from the group’s sponsor Ardian, €10m will be paid upfront. Ardian’s equity commitment letter (ECL) for the remaining €15m will be drawn when liquidity is below €25m and capex is higher than €65m. It will be drawn in multiples of €2.5m and will be available until June 2024, one-year longer than previously proposed
  
• The size of the Prêt Garanti par l’État (PGE) loan has been reduced to €70m from €80m. The loan will have a one year maturity and is extendable to be in line with the TLB, addressing creditors prior concerns that it would mature before the March 2027 TLB maturity
  
• The group has reduced expected capex to €65m over the next two financial years (FY23 and FY24) from its previous forecast of €82m. Any capex above €65m will be funded with equity
  

The deadline for creditors to vote on the revised deal has been extended to 12pm CET (11 am BST) on Monday (20 June) from 5pm CET (4pm BST) today, 17 June. Cerelia requires a majority of the senior lenders to approve the request.

Lazard is advising Ardian on the proposal. Ardian and Cerelia did not respond for comment before publication of this article.

The group needs the extra dough to alleviate liquidity challenges arising from a sharp rise in input costs from Ukraine amidst the war with Russia, as reported.

The new PGE facility will be provided by the group’s €100m RCF lenders. The loan will be 80% guaranteed by the French government.