Cory Environmental £750 million debt restructuring

Overview:

• Waste management and environmental services company Cory Environmental has undertaken a £750 million debt restructuring.
• The restructuring was enacted via a UK scheme of arrangement and pre-pack administration through which the creditors took control of the company.
• It included a debt for equity swap where the company's junior debt was written off and the senior debt converted into a loan.
• The creditors consist of SVP Global and a coordinating committee of lenders comprising Barclays, Commerzbank, BNP Paribas and EQT Partners.
• Cory owns nine landfill sites across the UK.

Sam Duke - Editor