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Blackstone agrees to hand over Jack Wolfskin to lenders: Reuters [Reuters]

PJT PARTNERS INC (PJT)  More Company Research Source: Reuters
Last pjt partners inc earnings: 5/2 06:50 am Check Earnings Report
PDF April 12, 2017 By Reuters News Private equity firm Blackstone has reached an agreement in principle to hand over control of German outdoor brand Jack Wolfskin to a group of its lenders in a debt for equity swap, sources close to the situation said. Under the terms of a lender-led debt restructuring plan, lenders will write off €80m and reduce Jack Wolfskin’s debt to €210m from €330m (US$350.06m)and inject €25m into the business in return for ownership, one of the sources said. Blackstone has verbally agreed to the deal and a co-ordinating committee of lenders is seeking 100% support from the wider lender group for the plan, the sources said. The deal is expected to be closed by summer. “We are not quite there, nobody has signed anything yet – the lawyers are working on the documentation, it will take another couple of months to bring it all together, but we hope to have it implemented by the end of the first half” one of the sources said. Negotiati [Read more]

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