Talks poised to take caravan parks out of private equity firm's control
Sunday 07 June 2009
Talks to restructure Park Resorts, the ailing private equity-backed caravan group, are believed to have reached a critical juncture, sources close to the situation have said.
PricewaterhouseCoopers, which was drafted in by a consortium of banks led by Lloyds Banking group, is thought to be finalising details of a possible debt for equity swap that could see GI Partners lose control of the firm. Chris Smith, a director at Lloyds from the firm's inherited HBOS integrated finance division, is leading the banks in their discussion with GI.
GI Partners bought Park Resorts for £440m in 2007 in a highly leverage deal that left the company with around £350m of debt. The private equity company was forced to inject £15m of equity into the business last year after a strategic review.
It replaced the company's management in December bringing back David Vaughan who led a team that founded Park Resorts in 2001 in a buyout from Bourne Leisure.
Spokesmen for both GI Partners and PWC declined to comment.
- 1 Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
- 2 Woman accidentally shoots herself in the head while posing for a selfie
- 3 Art Garfunkel: Paul Simon is a 'monster' with a Napoleon complex
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
Woman accidentally shoots herself in the head while posing for a selfie
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...