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Hopes of a slow week after the long easter weekend were dashed when OQ Chemicals’ sponsor, Oman Oil Company, pulled its financial support from an A&E deal on Tuesday. The German chemicals company has $1bn in senior secured TLBs due on 11 October 2024, but the extension deal was scuttled after Oman Oil refused lenders’ requests.
OQ’s lenders were caught “off guard”, according to a source familiar. Market reaction was decisive, the loans — which featured in a number of CLO portfolios — dropped 14 points to 82-85 from 96-98, as reported.
Hope for a fresh refinancing deal still abounds, however. Management raised the spectre of a private credit deal, citing dual-track negotiations with direct lenders on a call with OQ Chemical’s lenders on Tuesday.
Altice France’s secured creditors may have discovered some fraternité, as we reported that they were in discussions to form a cooperation agreement that would bind them to act together in potential negotiations with the struggling telecoms group.
Meanwhile in the Netherlands, KKR has had to stump up a further €50m in shareholder loans to cover the cost of a 22,000 bike recall at one of Accell Group’s brands, Babboe. The Dutch authorities have also launched a criminal investigation into whether returned products were hidden from official inspections.
This week’s news
Accell Group — The Dutch e-bike company’s sponsor, KKR, slotted in another €50m in shareholder loans to cover the costs of a recall of one of its bike brands, as reported. The Dutch authorities told Accell to halt sales of its Babboe cargo bikes in February over concerns around broken bike frames. Babboe is now recalling 22,000 of its bikes while the Dutch consumer protection agency (NVWA) has opened criminal investigations into whether returned products were hidden from official inspections.
Altice France— A group of Altice France’ssecured creditors are in talks to form a cooperation agreement, which would bind them to act together in potential talks with the struggling telecoms company, 9fin reported this week.
IGM Resins — Dutch chemicals manufacturer IGM Resinsis planning to implement its recapitalisation plan via an English Scheme of Arrangement. A convening hearing is expected shortly, according to 9fin’s sources.
Intrum Justitia — RCF lenders concluded the advisory appointment phase of Intrum’s restructuring negotiations, appointing legal advisors from Clifford Chance and financial advisors from Rothschild.
OQ Chemicals — The German chemical’s sponsor pulled its support for a planned A&E deal that would have pushed back a $1bn maturity wall in October. Management told lenders it was now looking to refinance via a private credit deal.
Samhallsbyggnadsbolaget— Public Property Invest (PPI), a Norwegian real estate company 44.8% owned by SBB is going public in through an IPO. The company will be listed on the Oslo stock exchange. Creditors speaking to 9finwere concerned that the group was once again transferring assets out of their reach.
