RESTRUCTURING

摘要

Slovenian retailer mercator has agreed a financial restructuring of its €lbn debt pile, which will restate around 30% of its debt as PIK instruments. The debt, which is made up of a number of syndicated and bilateral loans from around 40 international and local banks, will not be written down. Instead it will be reinstated into a cash-paying portion and a non-cash-paying portion, with maturities pushed out. "The debt has been extended and rejigged to fit what the company can afford to pay: it was basically a stabilisation of the capital structure," a banker said.