Politics
Foundever Strikes Deal With Creditors to Slash Debt Load
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Foundever Strikes Deal With Creditors to Slash Debt Load Troubled business services giant Foundever Group has reached an agreement with a group of creditors to reduce its multi-billion dollar debt load, with the company’s controlling shareholder injecting fresh funds and installing new management. Lenders who sign up to the deal will take a haircut on their holdings, and in exchange receive roughly 35% of the equity in the restructured entity, as well as a $250 million cash paydown,...
Foundever Strikes Deal With Creditors to Slash Debt Load
Troubled business services giant Foundever Group has reached an agreement with a group of creditors to reduce its multi-billion dollar debt load, with the company’s controlling shareholder injecting fresh funds and installing new management.
Lenders who sign up to the deal will take a haircut on their holdings, and in exchange receive roughly 35% of the equity in the restructured entity, as well as a $250 million cash paydown, according to people familiar with the matter who asked not to be named.