Famar restructures debt, gets Pillarstone investment

Famar, a contract manufacturer to pharmaceutical industries, has completed a 174 million euro ($197 million) debt restructuring and secured new funds from private equity-backed Pillarstone to strengthen its capital position.

Pillarstone is a platform set up by private equity firm KKR and John Davison in 2015 to partner with European banks to create value by managing their on-balance sheet non-core assets.

Pillarstone's Greek subsidiary has been licensed by the Bank of Greece to provide long-term capital to large corporate borrowers and manage banks' sour loans.

"A new investment of about 58 million euros into Famar was committed by KKR via Pillarstone," Pillarstone's CEO John Davison told Reuters on Wednesday.

"All four Greek banks are supporting Pillarstone in the firm's restructuring and the turning around of the business," he said.