- KKR and the management of German car repair chain Auto-Teile Unger (think Pep Boys) have agreed to the main points of a debt-for-equity swap with the company's main creditors.
- Under the deal, ATU - majority owned by KKR - will be recapitalized with about €700M, about €100M in equity and €600M in debt. The chain will also receive a new line of credit of €75M.
- KKR's equity stake will be reduced to just a small percentage and P-E competitor Centerbridge will become majority shareholder.
KKR gives up stake in German car repair chain restructuring
Dec 5 2013, 07:28 ET