Apollo-Led Group Acquires Austria’s Schur After 75% Debt Hit

A group of lenders led by Apollo Global Management Inc. is set to take over Austrian packaging-materials producer Schur Flexibles Group after writing down as much as 75% of the debt.

The consortium will take over a year after B&C Group acquired the company from Lindsay Goldberg only to find what it called massive balance-sheet irregularities and gross misconduct by former managers.

The new owners, also including Capital Four, Guggenheim Partners and Palmer Square Capital Management, will inject 150 million euros ($158 million) of fresh funding into the Wiener Neudorf-based company, according to a statement Wednesday. They’ll also write off ...