APCOA Car Parks €660 million financial restructuring

Overview:

• APCOA Car Parks has restructured €660 million of its senior debt.
• The transaction took the form of a debt for equity swap with the senior debt exchanged for structurally subordinated debt via the establishment of a new holding company.
• The restructuring involved a scheme of arrangement whereby the governing law of the loan was changed from from Germany to England and Wales and the repayment date extended.
• After the deal Centerbridge became one of the company's largest shareholders.

Sam Duke - Editor