Airopack's Debt Revamp Collapses, Cites Accounting Issues

Airopack’s recapitalization plan collapsed as lenders including Apollo Global Management demanded repayment following the discovery of “inadequate sales and accounting practices”, the Swiss aerosol packaging maker said on Monday, Reuters reported. Shares in the company, which makes plastic aerosol dispensers for Procter & Gamble’s Gillette shaving cream, fell as much as 60 percent and have lost almost all their value since hitting 13.5 Swiss francs ($13.46) three years ago. Airopack, whose net loss topped 40 million euros ($45.3 million) in 2017, has been seeking to slash debt via a recapitalization plan announced on Nov. 30. Its largest lender, U.S.-based private equity firm Apollo, was to have received a controlling share in the deal. But developments since then, including the discovery of what Airopack described as “excessively overstated” sales forecasts by former managers, now make the recapitalization plan “completely unachievable”. Read more

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