Sky News is reporting that Incisive Media has begun talks about a debt-for-equity swap that would enable the business to shed its £100m-plus debt mountain and refocus on growing the business.
Alchemy Partners has been acquiring Incisive Media’s debts from other holders and is expected to continue to do so. Alchemy now owns roughly a quarter of Incisive’s borrowings and would end up as a major shareholder if the restructuring proceeds.
Incisive is a business-to-business information provider, serving a wide range of financial, business technology and professional services markets globally. The business has two offices in London, others in New York and Hong Kong and a representative office in Beijing. Private equity firm Apax paid £208m for the business in 2006, and then bought American Lawyer Media (AML) in 2007 for $600m. Since then the two businesses have separated with Apax retaining AML and surrendering control of Incisive Media.
Lenders to the company, including the Royal Bank of Scotland, would need to give their consent before a debt-for-equity swap could take place.
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