Apollo-Backed Constellis’s Debt Hit Lows as Restructuring Looms

Debt tied to Constellis Holdings LLC slid toward new lows as the security contractor backed by Apollo Global Management Inc. looks to rework its debt load of more than $1 billion, with lenders potentially taking control.

Constellis, which provides security services around the U.S. embassy complex in Iraq -- the site of recent anti-American protests -- is seeking to restructure its balance sheet out of court, but it’s also considering a pre-negotiated bankruptcy filing with the support of lenders, Bloomberg reported last week.

Quotes on the company’s $725 million first-lien term loan fell to around 30 cents on the dollar ...