Cazoo Debt Deal Hands Creditors Control of UK Online Car Seller

UK online car retailer Cazoo Group Ltd has struck a restructuring deal that will hand control of the company to its creditors.

Cazoo’s $630 million of convertible notes will be exchanged into shares equivalent to 92% of the company’s total equity along with $200 million of new convertible debt, the company said in a statement Wednesday.

The debt-to-equity conversion will boost the stake of US-based Viking Global Investors, while current shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital also own the convertible notes. Existing shareholders will retain 8% of the company when the deal closes, according ...