Head serves up a debt-for-equity swap

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The Independent Online

The racquet brand that helped take Belarus's Victoria Azarenka to the quarterfinals of this year's Wimbledon ladies singles championship should be under new ownership within a fortnight.

Shareholders in Austrian sports goods manufacturer Head are this week expected to vote in favour of a debt-for-equity swap with its senior lenders, including US hedge fund Octavian Advisors. Lenders owed €135m (£115m) will take a 29.99 per cent stake in the company. Head's chief executive Johan Eliasch will provide €10m in working capital raised from third parties.