Montagu Private Equity and Global Infrastructure Partners are set to become the latest firms to hand over the keys to a portfolio company to its lenders, after UK waste-management group Biffa outlined a restructuring proposal.
Avenue Capital Group, which along with fellow lenders Goldman Sachs and GoldenTree Asset Management earlier this year won control of UK hotel chain Travelodge from Dubai International Capital, is one of four senior lenders who this week assumed control of Biffa as part of a restructuring.
Lending quartet wrest control of Biffa
After turning down an offer reportedly worth £520m in the summer, Montagu and GIP are set to cede control of Biffa to a quartet of senior lenders.
