Fa­mar is first in KKR cor­po­rate re­struc­tur­ings

Kathimerini English - - Fo­cus - EV­GE­NIA TZORTZI

Fa­mar, a phar­ma­ceu­ti­cals com­pany in the Marinopou­los Group, will be the first Greek firm that US fund KKR in­cludes in its Pil­lar­stone cor­po­rate loan re­struc­tur­ing plat­form. Fa­mar’s in­clu­sion is aimed at re­struc­tur­ing the com­pany’s ex­ist­ing loans of 150 mil­lion eu­ros, re­fi­nanc­ing it with a fresh in­jec­tion of 40 mil­lion eu­ros, and then find­ing in­vestors for it.

This will be the first ex­per­i­ment, and there are sev­eral more in the pipeline. The two banks in­volved, Al­pha and Eurobank, have al­ready started dis­cus­sions with KKR about their next pro­pos­als for man­age­ment of bad cor­po­rate loans, with three or four com­pa­nies al­ready hav­ing been se­lected from the long list of firms with non­per­form­ing loans. They are en­ter­prises from the sec­tors of min­ing, food and shoe retailing.

Al­though the ex­er­cises among the two Greek banks and Pil­lar­stone – the Euro­pean bad-loan man­age­ment plat­form headed by John Dav­i­son – have stud­ied a large num­ber of com­pa­nies, the se­lec­tion process re­mains hard and strict. The main cri­te­rion for con­sid­er­a­tion is the in­debted com­pa­nies’ sus­tain­abil­ity, which points to dy­namic cor­po­ra­tions with an ex­port ori­en­ta­tion.

Pil­lar­stone does not tar­get small en­ter­prises, as the com­pa­nies’ min­i­mum bor­row­ing must be 50 mil­lion eu­ros, while the model is based on co­op­er­a­tion with banks, given that most com­pa­nies have loans is­sued from the coun­try’s four sys­temic lenders.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.