Sweden’s Intrum Exits Chapter 11 as Recapitalization Ends (1)

Swedish debt collector Intrum AB has ended Chapter 11 bankruptcy proceedings that began in the US last year when its financing model, built on high-yield bonds, was hobbled by climbing interest rates.

The company has successfully recapitalized, rescheduling the maturities of its debt obligations and securing a 10% discount on its reinstated notes’ debt obligations, it said in a statement on Thursday. The move will provide new financing to support its strategy and de-lever via debt buybacks, the company said.

“It’s an important milestone,” Chief Executive Officer Andres Rubio said in an interview on Friday. “We now have a capital ...