Dubai International Capital LLC, a buyout company owned by the Emirate, may lose control of medical imaging company Alliance Medical Ltd. to lenders in a debt-for-equity swap, three people familiar with the plan said.
Under a debt restructuring proposed by senior lenders, creditors including Lloyds TSB Bank Plc, Commerzbank AG and Prudential Plc’s M&G unit would seize the company in exchange for writing its debt down to 250 million pounds ($395 million) from 555 million pounds, said the people, who declined to be identified because the plan is private.
Dubai International may retain some shares in the company, the people said. Junior lenders, owed 140 million pounds, may also be allotted some shares rather than recouping their initial investment. Senior creditors may initiate legal proceedings at the U.K.’s High Court if the plan is opposed by junior lenders and Dubai International’s management, the people said.
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