Bis Industries, one of the major transport players in Western Australia, will come under new ownership after a $1 billion debt-for-equity swap deal was struck with its major lenders.
Carlyle Group, Metrics Credit Partners, Varde Partners and other creditors will take ownership in the logistics business from private equity group KKR, with the debt-for-equity deal to reduce Biss total debt by about 80 per cent.
Bis chairman Charles Lenegan said the restructuring would reposition the company to take advantage of future growth opportunities, while continuing to support existing customers.
Chief executive Brad Rogers said the proposed capital structure was a generational reset of Biss balance sheet.
Bis has always been a strong operator with a re…
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