Famar is first in KKR corporate restructurings
Famar, a pharmaceuticals company in the Marinopoulos Group, will be the first Greek firm that US fund KKR includes in its Pillarstone corporate loan restructuring platform.
Famar's inclusion is aimed at restructuring the company's existing loans of 150 million euros, refinancing it with a fresh injection of 40 million euros, and then finding investors for it.
This will be the first experiment, and there are several more in the pipeline. The two banks involved, Alpha and Eurobank, have already started discussions with KKR about their next proposals for management of bad corporate loans, with three or four companies already having been selected from the long list of firms with nonperforming loans. They are enterprises from the sectors of mining, food and shoe retailing.
Although the exercises among the two Greek banks and Pillarstone - the European bad-loan...