{"id":10004,"date":"2009-03-02T00:00:00","date_gmt":"2009-03-02T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"towerbrook-takes-control-of-autodistribution-group","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2009\/towerbrook-takes-control-of-autodistribution-group.html","title":{"rendered":"TowerBrook takes control of Autodistribution Group"},"content":{"rendered":"<p>Forex Pros &#8211; Private equity firm TowerBrook Capital said on Monday it had reached an agreement to take control of French debt-ridden auto parts firm Autodistribution Group. <\/p>\n<p>The deal, at a time of slumping sales in the European car industry, will see Autodistribution&#8217;s debt slashed and new management brought in.<\/p>\n<p>A majority of lenders have accepted a debt-for-equity swap, which will reduce the company&#8217;s debt from approximately 600 million euros ($755.6 million) to 140 million euros, a source familiar with the transaction said.<\/p>\n<p>TowerBrook said it would obtain a 62.5 percent stake, the lenders would hold a 21.5 percent stake, while Bahrain-based private equity firm Investcorp, the company&#8217;s previous owner, would retain a 16 percent stake.<\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.forexpros.com\/news\/financial-news\/update-1-towerbrook-takes-control-of-autodistribution-group-32159\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forex Pros &#8211; Private equity firm TowerBrook Capital said on Monday it had reached an agreement to take control of French debt-ridden auto parts firm Autodistribution Group. The deal, at a time of slumping sales in the European car industry, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[577,8392,8320,8390,7633,7726,8391,243,4518,8389],"class_list":["post-10004","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-6-million","tag-auto-parts","tag-equity-swap","tag-european-car-industry","tag-investcorp","tag-lenders","tag-new-management","tag-percent-stake","tag-private-equity-firm","tag-towerbrook-capital"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=10004"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10004\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=10004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=10004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=10004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}