Doncasters lenders seek restructuring advisers

Reuters | May 17, 2019 at 10:02 AM
  • Lenders to UK engineering group Doncasters are in the process of appointing debt restructuring advisers as the company struggles with its circa £800m debt load.
  • Doncasters’ debt includes a US$615m first-lien loan that matures in March 2020, a US$290m second-lien loan maturing in September 2020, and a US$153m ABL facility from banks including Bank of America Merrill Lynch, Credit Suisse, Royal Bank of Scotland and Wells Fargo that matures in January 2020.
  • The situation with Doncasters is further complicated as the repayment of circa US$1bn of debt belonging to its now defunct private equity owner Dubai International Capital – the private equity arm of Dubai Holdings – is now contingent on the success of Doncasters’ asset sales and any potential debt refinancing.