Cerberus pulls out of Adveo negotiations
| 22 October, 2018
Private equity firm Cerberus, which owns Staples Europe, has pulled out of negotiations with the bank lenders of Adveo, according to elEconomista. Adveo has requested credit protection and saw its shares fall by around 30%.
Adveo has debts of close to 180 million euros with BBVA, Santander, Caixabank, Bankia, Sabadell and Kutxabank after refinancing closed last summer, when its liabilities amounted to more than 280 million euros.
Given the refusal of banks to continue injecting more capital into the company, the managers commissioned Houlihan Lokey earlier this year to find an investor that would allow it to obtain more long-term financing. The operation with Cerberus began to take shape at the beginning of the summer in a way that debt would be exchanged for capital.