KKR-Owned Dutch Bike Maker Accell Agrees to Slash Debt by 40%

A Dutch bike maker backed by KKR & Co has agreed a restructuring that writes off 40% of its debt.

Accell Group NV will see its liabilities at the operating group level cut to €800 million from €1.4 billion, with maturities extended through to 2030, the company said in a statement on Thursday.

The deal also entails a recapitalization of the company, with €235 million of new funding to be injected into the business. Following the transaction, current shareholders will retain a majority controlling stake, according to the statement.

Accell had been negotiating a debt restructuring this year amid sluggish ...