Apollo’s Lumileds Hands Reins to Lenders Via Quick Bankruptcy

Lumileds Holding BV lenders on Friday won bankruptcy court approval to take control of the lighting components company from Apollo Global Management LLC.

US Bankruptcy Judge Lisa Beckerman, in a hearing held by video conference, said she would approve Lumileds’ plan to slash some $1.4 billion of debt by repaying term loan holders with stock in its post-bankruptcy business. The company’s day-to-day trade partners will be paid in full and in cash under the deal.

Apollo will lose the controlling stake it bought in Lumileds in 2017. But the investing giant managed to reap more than $500 million ...