SVP interested in stake in Klöckner Pentaplast

The US hedge fund Strategic Value Partners (SVP) has submitted a take-over bid for the film producer Klöckner Pentaplast (KP), the Financial Times has reported. Bank representatives feel that it is likely that the present owner, Blackstone, and the hedge fund Oaktree will accept the bid, the news agency Reuters stated. Like SVP, Oaktree has acquired tranches of KP’s debts in the past few months. However, Oaktree is among the company’s main lenders and intends to reorganise KP through a debt-to-equity swap, Reuters reported. The plan is to reduce senior debts from €850m to €500m and waive subordinated debts of €450m. In this event, Oak-tree would gain control of KP and sell a stake to Blackstone.