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News

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Survitec is pleased to confirm that it has received signatures from 100% of the lenders for the comprehensive recapitalisation of the group

09/12/19

Survitec statement

Survitec is pleased to confirm that it has received signatures from 100% of the lenders for the comprehensive recapitalisation of the group (encompassing the binding lock-up, equity and debt term sheets). The recapitalisation will now be implemented subject to various regulatory approvals. Once implemented the agreements will deliver a fundamental strengthening of the Group’s balance sheet and provide an injection of new money to fund management’s business improvement plan. This is a significant milestone in the journey to better position Survitec for future growth to the benefit of its customers, suppliers and employees.

Following completion of the recapitalisation, M&G, Searchlight Capital Partners and CQS will hold in excess of 75% of Survitec’s equity.