RESTRUCTURING

摘要

Lenders to troubled Dutch waste management firm van gansewinkel groep are gearing up for a financial restructuring of the group's €800m of debt after a sales process in October led by Credit Suisse failed to garner an acceptable offer for the company. Bids for the company, owned by CVC Capital Partners and KKR, were unlikely to come in above the value of the debt, but if lenders were able to get paid out at around 90% of face value there was a chance they would take this rather than pursue a debt-for-equity swap. It is not clear how many bids the company received, but Van Gansewinkel's lenders are now in the process of mandating legal and financial advisers ahead of a restructuring process. "The likelihood is that the sales process was just a valuation exercise, to establish where the value breaks in the debt so that a Dutch pre-pack solution can then be put together," one restructuring adviser said. The value of the company's loans has fallen in Europe's secondary loans market to 62.4% of face value last week from 98.5% in January, according to Thomson Reuters data. Van Gansewinkel Groep is the largest waste management company in the Benelux region. It was created via the merger of AVR and Van Gansewinkel by owners CVC and KKR in February 2007 and was financed with a €1.87bn loan.