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Winding Up — Creditors couple up to crack on with restructuring deals
Bianca Boorer
•4 min read
Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.
In distressed land several partnerships have been struck as creditors rally around struggling companies to save them from dire straits (this is in the same week that Molly-Mae Hague and Tommy Fury decided to break their union).
Much of the focus has been on Deutschland this week. German wood products maker Pfleiderer kicked off the week with its noteholders giving unanimous consent to crack on with its A&E deal.
Agricultural company BayWa had to quickly pull its creditors for a chat to get some emergency funding. Despite the holidays, the bank lenders grafted to scrape together the €550m lifeline it needed.
Chemicals producer OQ Chemicals meanwhile has found a way to do a consensual deal that ticks all its boxes through a snooze provision.
And German real estate company Demire also managed to wangle a consensual deal yesterday (15 August) after the bondholders put all their eggs into one basket and agreed to extend the October 2024 SUNs to 2027.
Elsewhere Swedish debt collector Intrum’s RCF lenders signed a lock up agreement to its restructuring plan, which the company was buzzing to announce today (16 August).
This week’s news
BayWa — the German agriculture company has secured a roughly €550m liquidity injection from shareholders and lenders, buying the business time to iron out the details of a wider restructuring.
Demire — bondholders holding 90% of the German real estate company’s SUNs have agreed to its restructuring deal. The transaction involves pushing out the maturity of said notes from October 2024 to 31 December 2027 as well as a partial repayment and buyback offer.
Intrum — Just over 75% of lenders under Swedish debt purchaser’s €1.8bn revolving credit facility have now signed a lock-up agreement in support of the distressed debt purchaser’s proposals to shrink the revolver and extend its term, according to an announcement published this morning (16 August).
Labeyrie — French fine foods firm has again fattened up its liquidity and slimmed its leverage, however a dip in net sales and volumes indicate the company isn’t yet back on dry land. Its 2026 TLB maturity is starting to creep up, putting the name firmly on buysiders’ watchlists.
OQ Chemicals — the German chemicals producer is hoping to implement its debt restructuring consensually by adding in a snooze provision. The deadline for lenders to vote on the snooze provision is today (16 August).
Pro-Gest — the Italian paper manufacturer’s bondholders are awaiting the company’s new business plan after it replaced its chief restructuring officer last month. The group has a tight window to find a restructuring solution for its bonds maturing in December. CEO Francesco Zago told local newspaper Milano Finanza that the restructuring plan will be released in September and will involve the sale of non-strategic assets.
Pfleiderer — the German wood products maker’s proposal to amend and extend the maturities of €750m senior secured notes to 2029 has secured unanimous consent from noteholders.
