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Article: Lenders Agree on BAVARIA Yachtbau GmbH Restructuring.
- Article from:
- Investment Weekly News
- Article date:
- October 24, 2009
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BAVARIA Yachtbau GmbH ("BAVARIA") announced that
Anchorage Advisors, L.L.C. ("Anchorage") and Oaktree Capital Management ("Oaktree"), who collectively control approximately 95 percent of BAVARIA's EUR960 million debt facilities, have signed a binding agreement to restructure the company's balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of EUR55 million in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital ("Bain"), and look forward to Bain's continued involvement upon consummation of the agreement, ...