SGD Group calls in the bankers to renegotiate debt
Creditors of SDG Group, French glassmakers for the beauty and pharmaceutical industries, are in talks to hire debt advisors in order to renegotiate terms for the loans taken out to buy the company two years ago.
Close Brothers and Rothschild are understood to have been interviewed for the role, according to the Independent. The newspaper said the shareholders are also understood to have hired Lazard to ease debt repayment terms.
Private equity groups Cognetas and Sagard bought SDG Group in 2007 for €677m using money that came largely from loans.
Half of SDG’s turnover comes from the supply of glass packaging to perfume and cosmetics manufacturers while the remaining revenue comes from sales to pharmaceutical and specialty customers.
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