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Grupo Gallardo addresses the renegotiation of its debt with the KKR fund

Steel News - Published on Wed, 20 Feb 2019

Image Source: El Periódico Extremadura
The Gallardo Balboa group seeks to renegotiate its debt with the US investment fund KKR and other entities. The industrial group based in Jerez in September reached an agreement with KKR in 2014 for the refinancing of the debt and the sale of the Alconera cement plant and the Papresa paper mill. For these operations an economic injection was secured to guarantee the activity and reduced its debt by 500 million euros.

Now, the Jerez group, like 700 million turnover in the last year, takes up the contacts to gain solvency. Yesterday, he criticized the "unsustainable conditions" of the financing imposed by KKR, with an interest rate of 14%. They jeopardize the viability of the group and its jobs.

KKR took control of the management councils of the companies of Gallardo in 2014. The Jerez stopped being the sole administrator, position that he recovered last fall after the removal of Francisco Javier Sánchez. This counted on the trust of the fond

Source :

Posted By : Rabi Wangkhem on Wed, 20 Feb 2019
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