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Brunswick Group handles Intrum AB as the Swedish debt collector files a prepackaged Chapter 11 bankruptcy in US federal court for the southern district of Texas.
Intrum’s financial woes stem from the rise in interest rates, which squeezed its portfolio of non-performing loans made when rates were near zero.
The bankruptcy move would enable Intrum to restructure $4.7B in debt.
Intrum turned to Texas for the reorganization after failing to win bondholder approval for a filing in the UK. It expects to gain approval of the bankruptcy plan by the end of the year.
Brunswick Group has partner Azadeh Varzi, director Freya Semken, and associate Hedda Söderström working the Itrum business.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
