Ardian to Give Up Control of Loewen Play in Restructuring Deal

Private equity firm Ardian SAS is set to lose control of gaming firm Loewen Play GmbH and hand control of the business to creditors under a restructuring agreement.

The German firm has reached a deal with a committee representing holders of more than 80% of the company’s existing senior secured notes to give bond investors 95% of its shares, according to a presentation seen by Bloomberg. The accord is designed to reduce outstanding debt and extend maturities.

A representative for Ardian declined to comment. A spokesperson for Loewen Play didn’t immediate reply to a request for comment.

Loewen Play told ...