PrimaCom creditors set to take control

German cable operator PrimaCom, which filed for insolvency in June 2010 after its shareholders failed to reach an agreement with creditors regarding repayment of a €29.2 million loan, is now ready to be sold on to financial investors.

In a debt-for-equity swap, PrimaCom’s lenders Alcentra Group, Avenue Capital Group, Tennenbaum Capital Partners and ING have agreed to initially take roughly equal stakes in the cableco, while reducing debt from the current level of €350 million, with a deal expected imminently, the sources revealed.

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