TowerBrook takes control of Autodistribution Group

Forex Pros – 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, will see Autodistribution’s debt slashed and new management brought in.

A majority of lenders have accepted a debt-for-equity swap, which will reduce the company’s debt from approximately 600 million euros ($755.6 million) to 140 million euros, a source familiar with the transaction said.

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’s previous owner, would retain a 16 percent stake.

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