IAN REYNOLDS-YOUNG
It seems that it’s all gone a bit cloak and dagger at Autobar.
In an unusual story posted today on Bloomberg.com, Autobar is said to be ‘raising 100 million euros ($136 million) from a new line of credit’ in a bid to ‘restructure 900 million euros of debt’.
Bloomberg states that ‘the company will use 50 percent of the money to pay creditors. The remainder will be a revolving credit facility for general business purposes.’
So far so good: but here comes the part we can file under ‘unusual’. Apparently, the story has been leaked by ‘two people familiar with the situation, who asked not to be identified because the negotiations are private’.
Bloomerg goes on to remark that ‘Autobar supplies coffee and vending machines in 11 countries and is seeking to restructure debt raised in 2010 to finance its buyout by CVC Capital Partners Ltd. Lenders led by Angelo Gordon & Co LP and York Capital Management LP are offering to write off almost 50 percent of their investment in exchange for ownership of the London-based business.’
But it seems that Autobar would prefer we didn’t know what was going on – not yet anyway. Bloomberg’s report concludes with the telling comment that ‘officials at Autobar didn’t return two phone calls and an e-mail seeking comment on the debt talks.’
- To Autobar: PV would love to put your side of the story. Get in touch, or the rumour mill gains potency.
- To the ‘two people’ in question: we can be Woodward and Bernstein to your ‘Deep Throat’, so get in touch.
ed****@************ng.com
