Holders of Frigoglass’ €260m senior secured notes, maturing in 2025, have opted to work with the same advisors they worked with on the group’s previous restructuring in 2017. They have appointed DC Advisory and Weil, Gotshal & Manges as legal and financial advisors, sources close to the situation told 9fin.

Neil Devaney from Weil, Gotshal & Manges worked on the previous restructuring when he was at Akin Gump, as reported.

The largest holders of the group’s SSNs are Davidson Kempner and Invesco.

The SSNs were quoted at 52.7-mid at the time of writing and the yield to maturity is 35.5%.

The company said it appointed Perella Weinberg Partners (PWP) and Milbank to address the capital structure issues on its earnings call on May 20, as reported.

Bondholders are awaiting the company’s plan to tackle €60m of upcoming short term debt maturities. It only had €59m of cash on balance sheet as of Q1 22, down from €79m at FY 21 mainly due to a build-up of inventories.