iQera, the French servicer and debt buyer, also active in Italy where it acquired two companies in recent years, has recently reached an agreement in principle with its shareholders and the majority of its key creditors.
The “Company” and its subsidiaries announced to the market on December 4 that they had reached this agreement under the coordination of a conciliator. The agreement was made with a group holding more than two-thirds of the various series of outstanding bonds regulated by New York law issued by the Company, the revolving credit facility (“RCF”) lenders, and its shareholders.
This Agreement aims to strengthen the Group’s balance sheet through a partial conversion of the Notes into equity, improving liquidity, and providing a new framework for the long-term sustainability of the Group’s businesses, employees, customers, and suppliers.
As part of the equitization agreed within the framework of the agreement, Arrow Credit Opportunities II, a fund managed by AGG Capital Management Limited (a wholly owned subsidiary of Arrow Global), which currently holds a portion of the Notes, is expected to become the controlling shareholder of the Company upon completion of the transaction.
Subject to the signing of the underlying documentation, the agreement provides a sufficiently broad support base to allow the opening of accelerated safeguard proceedings (procédures de sauvegarde accélérée) and the effective completion of all restructuring operations by the first half of 2025.
The completion of the transaction remains subject to customary terms and conditions, including applicable regulatory and antitrust conditions.
