VALLOUREC COULD GO UNDER THE CONTROL OF ITS CREDITORS
PARIS (Reuters) – Weighted down by 3.7 billion euros in debt, Vallourec offers its creditors to convert more than half of their claims into capital, Les Echos reported on Monday on its website.
According to the economic daily, which cites corroborating sources, the French manufacturer of tubes for the energy industry communicated its business plan last week to its creditors, including Anglo-Saxons Apollo, M & G or please again, come to buy the debt at a discounted price from the group’s traditional banks in recent weeks.
“Only two of them have not assigned their receivables, BNP Paribas and Natixis,” said Les Echos.
“The group told them about its scenario: converting more than half of its debt into capital, or, in other words, giving them the keys,” adds the daily.
Vallourec, which publishes its quarterly results on Wednesday, declined to comment on this information, according to Les Echos.
(Paris office)
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