The Carlyle Group's Addison Lee effectively declared bankruptcy and will be taken over by debt holders. Bloomberg reported:
A group of lenders to British cab operator Addison Lee agreed to a rescue package that will hand them control of the troubled firm, according to a person familiar with the situation.Creditors will provide 45 million pounds ($59 million) of fresh funds and refinance 100 million pounds of loans, extending the maturity on the debt by seven years, according to the person who asked not to be named because it’s private.The deal was agreed after private equity owner Carlyle Group LP, which bought Addison Lee in 2013 for about 300 million pounds, failed to find a buyer. Bloomberg News reported in August that it was considering a U.S. listing.Portions of the company’s debt were trading at distressed levels below 30% of face value earlier in January.
The report did not say how much cash Carlyle extracted from Addison Lee via special dividends/distributions, management and deal fees prior to surrendering the company to lenders.
