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A group of secured creditors of Altice France SA are dissatisfied with the debt restructuring deal that was agreed upon by the company and a majority of its creditors. These creditors, holding debt maturing in 2028 and 2029, have enlisted advisers to explore ways to improve their terms. The deal involves secured creditors receiving a stake in the company, a cash payment, new debt, and a fee in exchange for debt reduction and maturity extensions. Negotiations have been complex, involving multiple parties and jurisdictions, with recent progress made through direct negotiations with the company's largest holders. [Extracted from the article]

Altice France and its creditors have agreed to reduce the company's debt by €8.6 billion, allowing founder Patrick Drahi to maintain control of the cable and mobile-phone operator. The deal addresses concerns over the company's €24 billion debt load and includes equity stakes for secured and unsecured creditors. Altice France's bonds rose after the announcement, signaling investor confidence in the agreement. The restructuring plan involves French court proceedings and may include a Luxembourg reorganization or a US Chapter 11 filing. [Extracted from the article]

Morgan Stanley recently hosted a meeting with executives from the social-media platform X and investment firms to sell $3 billion of the company's outstanding debt. X's CEO and CFO gave a brief presentation at the meeting, which lasted less than an hour. The debt, originally from Twitter Inc., was stuck on banks' balance sheets since Elon Musk's acquisition in 2022, but recent interest has led to some of it being sold to investment firms. The meeting attendees were not allowed to bring mobile phones and were given limited information about X's financials, including $1.2 billion in earnings before interest, taxes, depreciation, and amortization in 2024. [Extracted from the article]

Steelmaker Celsa Group is in the process of selling a stake of up to 20% to a Spanish investor as part of a restructuring plan approved in 2023. The company's owners, including Strategic Value Partners and Deutsche Bank AG, are reaching out to Spanish investors such as family offices and industrial groups. Creditors took over Celsa more than a year ago, and the company is required to sell up to 20% of the business to a group with a presence in Spain. The stake sale follows the divestment of Celsa's business in the UK and Scandinavia to Sev.en Global Investments, with proceeds going towards debt repayment. Shareholders are also conducting a capital increase to fund business operations in Poland. [Extracted from the article]

The article discusses how Intrum AB's lock-up agreement with creditors may limit the payout investors can expect from the insurance they purchased against a default by the Swedish debt collector. The agreement prevents bond trading, affecting the number of notes available for an auction to settle credit default swaps. The uncertainty over the payout highlights the complexities of the CDS market, with potential implications for various parties involved, including Arini Capital Management and King Street Capital Management. The article also mentions strategies to address lock-up issues and the ongoing negotiations among Intrum's creditors. [Extracted from the article]

The article discusses how Intrum AB's lock-up agreement with creditors may limit the payout investors can receive from the insurance they purchased against a default by the Swedish debt collector. The agreement prevents bondholders from trading their bonds, affecting the upcoming auction to settle the firm's credit default swaps. The uncertainty surrounding the payout highlights the complexities of the credit default swaps market, with potential implications for various parties involved, including Arini Capital Management and King Street Capital Management. [Extracted from the article]

The article from Bloomberg.com discusses how certain bondholders of Spirit Airlines Inc. are receiving special protection in an $840 million financing deal as the airline emerges from bankruptcy. The exit notes include restrictions on liability management transactions to ensure fair treatment of all bondholders. Two bondholder groups, including major financial institutions, are supporting Spirit's restructuring, which involves swapping debt for equity in the reorganized business. The terms of the deal are subject to approval by a judge and may change during the bankruptcy process. [Extracted from the article]

Altice France is in negotiations with secured creditors to reduce its €23.7 billion debt, with disagreements over how much equity owner Patrick Drahi should give up. The company's poor performance has led to talks with creditors to restructure its balance sheet, with upcoming maturities of €1.3 billion due next year. While Drahi aims to maintain control, discrepancies among creditors on sharing the burden of restructuring have complicated negotiations. [Extracted from the article]

The article from Bloomberg.com discusses the role of Tomas Daga, a high-powered lawyer at Grifols SA, in a hedge fund battle. While Mason Capital Management LLC blames Daga for Grifols' issues, the drugmaker sees him as instrumental in its transformation into a global leader. Daga, a long-time board member and partner at Grifols' law firm, is facing accusations of conflict of interest and mismanagement from Mason, but has been consistently reelected by shareholders. The article sheds light on the complexities of corporate governance and strategic decision-making within Grifols, prompting investor scrutiny and regulatory attention. [Extracted from the article]

The article discusses the role of Tomas Daga, a high-powered lawyer, in the rise and fall of the Grifols Group. Daga, a long-time board member and partner at Grifols' law firm, has faced accusations of conflict of interest from investors like Mason Capital Management. Despite controversies, Daga has been instrumental in Grifols' growth through strategic deals and acquisitions, although concerns about the company's debt and governance have emerged. The situation has attracted scrutiny from investors and regulators, highlighting the complexities surrounding Daga's influence within the company. [Extracted from the article]

Brookfield Asset Management Ltd. has decided to withdraw its $6.8 billion offer to acquire Grifols SA, a Spanish blood-plasma company, after the Grifols board rejected the indicative offer. The Grifols family, which owns a third of the company, has stated that they will not support any new bid to take the company private. Grifols has faced challenges, including a decline in blood collection during the pandemic and accusations of governance issues by a short seller, leading to management changes and legal actions. [Extracted from the article]

Brookfield Asset Management Ltd. has decided to abandon its $6.8 billion offer to acquire Grifols SA, a Spanish blood-plasma company, after the Grifols board rejected the indicative offer. The Grifols family, which owns a third of the company, has stated that they will not support any new bid to take the drug-maker private. Grifols has faced challenges, including a significant drop in market value following allegations of governance and accounting issues by a New York-based short seller. [Extracted from the article]

Brookfield Asset Management Ltd. is abandoning its bid to acquire Grifols SA due to disagreements over valuation, with the Spanish company's founding family refusing to support any new takeover offer. Grifols' shares dropped over 13% in Madrid following this news, marking the largest intra-day decline since February. The decision to walk away from the deal comes after the Grifols board rejected an indicative price offer from Brookfield, valuing the company at €6.45 billion ($6.8 billion). The company has faced challenges, including a decrease in blood collection during the pandemic and questions about its ability to generate cash, amidst allegations of governance issues and accounting irregularities. [Extracted from the article]

The Grifols family in Spain has decided not to support a new bid by a third party to take their drug-maker company private, as Brookfield Asset Management Ltd. walks away from a potential acquisition due to disagreements on valuation. Brookfield had lined up financing for the deal but failed to reach an agreement with the Grifols SA board on the price. Grifols has faced challenges following a report questioning its governance and accounting, leading to management changes and legal actions against the short seller. [Extracted from the article]

The Grifols family in Spain has decided not to support a bid by a third party to take their drug-maker company private, as Brookfield Asset Management Ltd. is reportedly backing out of a deal due to disagreements on valuation. Brookfield had lined up financing for the deal but failed to reach an agreement with the Grifols SA board on the price. Grifols has faced challenges this year, including a significant drop in market value following allegations of governance and accounting issues. The company has made management changes and is taking legal action against the short seller who made the accusations. [Extracted from the article]

The Grifols family in Spain has decided not to support a bid by a third party to take their drug-maker company private, as Brookfield Asset Management Ltd. is reportedly backing out of a deal due to disagreements on valuation. Brookfield had lined up financing for the deal but failed to reach an agreement with the Grifols SA board on the price. Grifols has faced challenges this year, including a significant drop in market value following allegations of governance and accounting issues. The company has made management changes and is taking legal action against the short seller who made the accusations. [Extracted from the article]

Northvolt AB, an electric-vehicle battery maker, has hired financial adviser Houlihan Lokey Inc. to assist in raising funds for a business turnaround. The Swedish company recently filed for bankruptcy protection in the US after unsuccessful negotiations with stakeholders. Northvolt is seeking new investors and has secured financing during the Chapter 11 process. The company is now exploring partnerships with long-term investors as it navigates through the reorganization process. [Extracted from the article]

Northvolt AB, a Swedish battery maker, has filed for bankruptcy protection in the US due to a lack of funding, leaving the company with only $30 million in cash. The company will restructure under Chapter 11 bankruptcy, with its flagship factory in Sweden continuing operations. Northvolt's debts include $5.84 billion, and it is seeking strategic investors to secure its long-term future. Despite facing financial challenges, the company remains committed to delivering to customers and paying its employees. [Extracted from the article]

Northvolt AB, a Swedish battery-cell company, has filed for bankruptcy protection in the US due to financial struggles in the electric vehicle market. The company will restructure its balance sheet under Chapter 11, allowing it to continue operations. Despite efforts to secure funding and a rescue plan, Northvolt faced challenges, including losing a key contract and being unable to access loan guarantees. The company's main factory will continue operating during the reorganization, with support from key stakeholders like Scania CV AB. The Swedish government, previously hesitant to provide aid, hopes the Chapter 11 process will lead to a long-term solution for Northvolt. [Extracted from the article]

Apollo Global Management Inc. is investing in fintech startup Vega to enhance client services for private markets. Vega's technology, AltOS, aims to assist alternative asset managers in improving distributions by connecting them with investors through a unified platform. This investment aligns with Apollo's goal of driving innovation in private markets to meet increasing client demand. Vega's holistic solution addresses the current lack of comprehensive client services in the industry. [Extracted from the article]

Apollo Global Management Inc. is investing in fintech startup Vega to enhance client service in private markets. Vega AltOS, a technology platform, aims to connect alternative asset managers with clients to improve distributions. Apollo's investment aligns with their goal of driving innovation in private markets and enhancing client experience. Vega's software streamlines client services and offers a holistic solution for asset managers, filling a gap in the current market infrastructure. [Extracted from the article]

CommScope Holding Co. has failed to reach a debt deal with a group of creditors, causing shares to drop by 47% in premarket trading. The company had been negotiating to refinance its bonds and address upcoming debt maturities, with S&P Global Ratings predicting a revenue decline due to economic challenges. CommScope recently sold a unit to reduce its debt, but reported lower-than-expected net sales and an adjusted loss per share in its latest financial results. [Extracted from the article]

Pimco, a leading investment management firm, warns that private credit is overvalued due to deteriorating fundamentals and growing complacency in the market. The firm notes that the current excess premium for less-liquid levered investments is about 190 basis points on average. Despite these concerns, Pimco still sees value in asset-based finance, particularly in sectors like consumer, aviation, and data centers. The firm also highlights higher-quality agency mortgages as a strong credit opportunity for the next 12 months. [Extracted from the article]

A group of investors in Ukraine's GDP warrants, including funds like Aurelius Capital Management LP and VR Capital Group, have hired PJT Partners Inc. as their financial adviser for a potential restructuring. The group owns over a quarter of the $2.6 billion warrants and was formed in response to Ukraine's decision to stop servicing the warrants starting from May 2025. The warrants were not included in a previous debt restructuring deal. The warrants provide creditors with payments linked to Ukraine's economic performance, and they were issued as part of a previous debt revamp in 2015. Ukraine's economy grew 5.3% last year, but growth is expected to slow to 3.7% this year. [Extracted from the article]

Altice France, a telecommunications company with €24.4 billion of debt, has proposed giving secured creditors a stake in the company in exchange for a reduction in their principal. Under the proposal, debtholders would receive an equity stake of 10-15% and an extension of maturities with lower interest rates. The plan does not involve new funds from owner Patrick Drahi, who would remain in charge. While the proposal is more attractive than a previous offer, it falls short of the lenders' idea, which would have potentially resulted in Drahi losing control of the company. Altice is aiming to reduce its debt to achieve a leverage target of below 4 times its earnings. [Extracted from the article]

Intrum AB, a Swedish debt collector, is currently in talks with holdout creditors to reach an agreement on its debt restructuring proposal. The company is seeking to stabilize its unsustainable debt structure and has already gained the support of over 72% of bondholders. However, it still needs at least 90% creditor support to avoid a court process. While there is no certainty that a deal will be reached, Intrum may proceed with its proposal even without the consent of the opposing group. A separate group of creditors has already committed to providing new funding for bond buybacks. The 2025 bondholders are opposing the deal and demanding better terms. [Extracted from the article]

Altice France, a telecommunications company with €24.4 billion of debt, has proposed giving secured creditors a stake in the company in exchange for a reduction in their principal. Under the proposal, debtholders would receive an equity stake of 10-15% and an extension of maturities with lower interest rates. The plan does not involve new funds from owner Patrick Drahi, who would remain in charge. While the proposal is more attractive than a previous offer, it falls short of the lenders' idea, which would have potentially resulted in Drahi losing control of the company. Altice is aiming to reduce its debt to achieve a leverage target of below 4 times its earnings. [Extracted from the article]

Intrum AB, a Swedish debt collector, is currently in talks with holdout creditors to reach an agreement on its debt restructuring proposal. The company is seeking to stabilize its unsustainable debt structure and has already gained the support of over 72% of bondholders. However, it still needs at least 90% creditor support to avoid a court process. While there is no certainty that a deal will be reached, Intrum may proceed with its proposal even without the consent of the opposing group. A separate group of creditors has already committed to providing new funding and extending the repayment of certain bonds. The 2025 bondholders are opposing the deal and demanding better terms. [Extracted from the article]

Altice France, a telecommunications company with €24.4 billion ($26.7 billion) of debt, has proposed giving secured creditors a stake in the company in exchange for a reduction in their principal. Under the proposal, debtholders would receive an equity stake of 10% to 15% and an extension of maturities with lower interest rates. The plan does not involve new funds from owner Patrick Drahi, who would remain in charge. While the proposal is more attractive than a previous offer, it falls short of the lenders' idea, which would have potentially resulted in Drahi losing control of the company. Altice is aiming to reduce its debt to achieve a leverage target of below 4 times its earnings. The company has also held talks with funds about raising new debt to repay upcoming maturities. [Extracted from the article]

Cineworld Group Plc, a UK-based movie theater chain, is working with Barclays Plc and Deutsche Bank AG to refinance its debt and lower funding costs. The company is seeking to replace approximately $1.8 billion of bankruptcy exit financing debt due in 2028. Cineworld was taken over by creditors in August of the previous year and filed for Chapter 11 in 2022 to reduce its debt and renegotiate leases with US landlords due to Covid-related closures. The company has also faced challenges due to strikes by screenwriters and actors in 2023, resulting in a reduction in new film releases. [Extracted from the article]

Petrofac Ltd, an energy services company, has reached a preliminary agreement with some of its key stakeholders to convert a majority of its debt into equity. This would dilute existing shareholders. The proposal includes new long-term funding underwritten by senior secured noteholders and an equity injection from new and existing investors. The agreement is still subject to certain terms and conditions and Petrofac is in discussions with its bank lenders and largest shareholders. The company aims to strengthen its balance sheet and secure a more sustainable capital structure to execute existing contracts and pursue new ones. [Extracted from the article]

A federal court in the District of Columbia has authorized the enforcement of an arbitration award in favor of a company affected by Spain's retroactive withdrawal of renewable premiums. The ruling allows the claimants to initiate proceedings for the recovery of pending payments through the seizure of Spanish commercial assets in the US and issue subpoenas against Spanish officials. Spain has been defending itself in court since 2012 over changes to renewable energy project funding, and some creditors have requested the seizure or freezing of Spanish assets. However, the ruling does not guarantee the ability to enforce it and seize Spanish assets, according to a spokesman for Spain's Ministry for the Ecological Transition and the Demographic Challenge. [Extracted from the article]

Altice France, a telecommunications company owned by billionaire Patrick Drahi, is in talks with funds, including Apollo Global Management, to raise new debt in order to repay upcoming maturities. This move could potentially harm existing creditors. The new debt would be backed by assets in unrestricted subsidiaries, which are out of the reach of creditors. Altice is currently negotiating with creditors to reduce its €24.4 billion debt pile and leverage. Secured creditors have rejected a request for a 20% haircut and have proposed a solution that could result in Drahi losing control. Altice also aims to reduce its unsecured debt. Any deal to raise additional funds would not impact bondholders and lenders with debt due next year. Altice has €1.3 billion of debt coming due next year and is relying on asset sales and dividend recapitalization to address this. Altice France's secured bonds due January 2028 fell as a result of these developments. [Extracted from the article]

Dish Network, a satellite-TV provider with a significant amount of debt, is close to finalizing a deal with some of its convertible bondholders. The deal would provide the company with new financing and help extend its debt maturities. The agreement involves a debt exchange at below-par prices for convertible notes maturing in 2025 and 2026, with the new funds being tied to wireless spectrum held by a subsidiary. The proceeds from the deal would be used to fund network expansion. Dish has been exploring various options to address its approaching debt maturities as it transitions from pay-TV to wireless services. [Extracted from the article]

Sweden's battery maker, Northvolt AB, has hired consulting firm Teneo for restructuring advice as it faces a liquidity crisis. The company is in negotiations with lenders over potential concessions and has not had access to a portion of a $5 billion green loan facility. Northvolt plans to cut staff by 20% globally and focus on raising output at its main plant in northern Sweden. The company's financial challenges have put its survival at risk and have hindered Europe's efforts to establish an independent supply chain for electric vehicle cells. The Swedish government has stated that it will not provide emergency aid to Northvolt. [Extracted from the article]

Sweden's battery maker, Northvolt AB, has hired consulting firm Teneo for restructuring advice as it faces a liquidity crisis. The company is negotiating with lenders over potential concessions and is running short of cash due to production delays and a slowdown in electric vehicle demand. Northvolt is also slashing staff by 20% globally to focus on increasing output at its main plant in northern Sweden. The company's financial challenges pose a risk to its survival and hinder Europe's efforts to establish an independent supply chain for electric vehicle cells. The Swedish government has stated that it will not provide emergency aid to Northvolt. [Extracted from the article]

Altice France, a telecommunications company owned by billionaire Patrick Drahi, is facing pressure from secured creditors, including BlackRock, Elliott Investment Management, and Pacific Investment Management, to reduce its €24.4 billion debt. The company had proposed a plan in July asking secured creditors to take a 20% reduction in their holdings to decrease leverage. However, there are differing opinions among the creditors on how potential losses should be shared. Altice is relying on asset sales and a dividend recap to potentially use in negotiations with creditors. [Extracted from the article]

Altice France, a telecommunications company owned by billionaire Patrick Drahi, is facing pressure from secured creditors, including BlackRock, Elliott Investment Management, and Pacific Investment Management, to reduce its €24.4 billion debt. The company had proposed a plan in July asking secured creditors to take a 20% reduction in their holdings to decrease leverage. However, there are differing opinions among the creditors on how potential losses should be shared. Altice is relying on asset sales and a dividend recap to potentially use in negotiations with creditors. [Extracted from the article]

According to Sculptor Capital Management's Chief Investment Officer Jimmy Levin, providing fresh capital to companies restructuring their debt has been a lucrative opportunity in the corporate credit market. Levin views controversial financings that prioritize newer creditors over existing ones as "just capitalism at work." These maneuvers often lead to conflicts between different sets of investors, resulting in what is referred to as "creditor-on-creditor violence." Levin also highlights asset-based finance as an area of opportunity for investors, as it is a less mature and less efficient market compared to corporate credit. [Extracted from the article]

Altice International plans to use €315 million from the sale of its video advertising platform Teads SA to reduce its debt. The company reported a decline in earnings, with a 2.2% revenue decrease and a 1.1% drop in earnings before interest, taxes, depreciation, and amortization. Altice International, which is part of the telecommunications empire of Franco-Israeli billionaire Patrick Drahi, has been selling off assets to reduce its debt. The company has a consolidated net debt of €8.5 billion and aims to reduce its leverage to 4 to 4.5 times its earnings. [Extracted from the article]

Altice International is considering selling the infrastructure assets of its Portuguese business separately after a plan to dispose of the entire unit stalled. The company has been seeking to deleverage its business after years of debt-fueled acquisitions. Altice's Portuguese assets include the carrier MEO and a stake in fiber-optic network Fastfiber. Altice International also reported a decline in revenue and earnings for the quarter through June. The company plans to use proceeds from the sale of its video advertising platform to repay debt. Altice France, a separate entity, reported a decline in revenue and earnings as well. [Extracted from the article]

Brookfield Asset Management is in discussions with several investment funds, including Abu Dhabi sovereign wealth fund ADQ and Singaporean counterpart GIC Pte., to potentially partner in its bid to acquire Spanish blood-plasma company Grifols SA. However, no agreement has been reached with any of the funds. Brookfield and the Grifols family, who are working together to potentially take the company private, have not yet presented a formal offer to the Grifols board and are waiting to complete their due diligence. Taking Grifols private would bring an end to years of stock market turmoil for the company, which has faced challenges due to the pandemic and concerns over its debt-fueled acquisitions. [Extracted from the article]

Altice International plans to use €315 million from the sale of its video advertising platform Teads SA to reduce its debt. The company reported a decline in earnings, with a 2.2% revenue decrease and a 1.1% drop in earnings before interest, taxes, depreciation, and amortization. Altice International, which is part of the telecommunications empire of Franco-Israeli billionaire Patrick Drahi, has been selling off assets to reduce its debt. The company has a consolidated net debt of €8.5 billion and aims to reduce its leverage to 4 to 4.5 times its earnings. [Extracted from the article]

Brookfield Asset Management is seeking up to €9.5 billion ($10.6 billion) in debt from banks to support its potential takeover of Spanish pharmaceutical producer Grifols SA. The funds would be used to refinance Grifols' existing debt, including loans and high-yield bonds. The takeover would trigger a clause allowing bondholders to demand repayment at above par, which has caused some volatility in Grifols' bonds. The majority of the financing is expected to be in dollars, and one bank has offered to backstop the entire amount. Brookfield's leverage levels and credit rating have been under scrutiny, but banks are now more confident in underwriting large debt packages. [Extracted from the article]

Brookfield Asset Management is seeking approximately €9.5 billion ($10.6 billion) in debt from banks for a potential take-private deal of Spanish pharmaceutical producer Grifols SA. The funds would be used to refinance Grifols' existing debt, including loans and high-yield bonds. The take-private purchase could trigger a clause that allows bondholders to demand repayment at above par, potentially impacting the company's bonds. Grifols' 2028 bonds saw a significant increase in value following the news. The deal, if it proceeds, would be one of the largest takeovers of a publicly-traded European company since 2022. [Extracted from the article]

Brookfield Asset Management is seeking up to €9.5 billion ($10.6 billion) in debt from banks to support its potential takeover of Spanish pharmaceutical producer Grifols SA. The funds would be used to refinance Grifols' existing debt, including loans and high-yield bonds. The take-private purchase could trigger a clause that allows bondholders to demand repayment at above par. Grifols has been struggling since a short-seller attack earlier this year, but its shares rose after news of the potential takeover. The majority of the financing is expected to be in dollars, and one bank has offered to backstop the entire amount. [Extracted from the article]

Brookfield Asset Management is seeking up to €9.5 billion ($10.6 billion) in debt from banks to support its potential takeover of Spanish pharmaceutical producer Grifols SA. The funds would be used to refinance Grifols' existing debt, including loans and high-yield bonds. The takeover would trigger a clause allowing bondholders to demand repayment at above par, which has caused some bonds to trade below their face value. The majority of the debt package is expected to be in dollars, and one bank has offered to backstop the entire amount. [Extracted from the article]

Patrick Drahi has agreed to sell his stake in BT Group Plc, which could potentially benefit creditors of Altice. However, it is unclear whether Drahi will use the proceeds to pay down debt. Altice has been selling off non-strategic assets, but it has made it clear that it does not plan to fully repay its debt. The use of the proceeds from the BT sale is still unknown, and Altice declined to comment on the matter. Altice France is already in debt negotiations and has sold some assets to reduce leverage, but it still has a long way to go to reach its target. Altice International is also aiming to reduce debt and has sold its video advertising platform Teads SA. Altice USA is evaluating options with the help of investment bank Moelis & Co. Drahi's holding company, BidFair, took Sotheby's private in 2019, and the auction house recently announced a $1 billion investment from Abu Dhabi sovereign wealth fund ADQ. Overall, the state of asset sales and debt reduction across the Altice group is still in progress. [Extracted from the article]

Liability management exercises, which involve companies making special deals with certain creditors to avoid bankruptcy, are often ineffective and can lead to further defaults and litigation, according to an analysis by Bank of America. These financings can pit lenders against each other and result in lower recoveries for investors. This year, there has been a significant increase in debt exchanged by distressed companies, indicating a growing trend of these types of deals. Some experts argue that restructuring debt outside of bankruptcy court is merely a temporary fix and can exacerbate a company's underlying issues. However, for lenders, participating in these deals can be lucrative and provide opportunities for new funding. Barclays predicts that debt restructuring exercises will continue to be contentious and may result in a large number of companies struggling to recover. [Extracted from the article]

Stonegate Pubs, the UK's largest pub operator, is close to reaching an agreement with its creditors to address its £3 billion ($3.9 billion) debt. Owner TDR Capital LLP is expected to provide around £200 million to reduce the debt. Stonegate has been facing challenges due to the pandemic and inflation, which have affected consumer demand and increased borrowing costs. The company plans to refinance its first lien bonds and partially repay its second lien loans. Additionally, a payment-in-kind facility from investors will be rolled into an equity-like instrument. Stonegate recently reported a 1.3% increase in revenue and a 7.7% growth in adjusted Ebitda for the first half of its fiscal year 2023-2024. [Extracted from the article]