Invesco Ltd. and Searchlight Capital Partners LP are lobbying creditors of Mediapro to back a restructuring deal enabling them to take a stake in the producer of top-flight Spanish soccer broadcasts left reeling by the pandemic, Bloomberg News reported. The investment firms sent a restructuring proposal to lenders to Mediapro including Cairn Capital Ltd. and Carlyle Group, on Tuesday, according to people familiar with the matter. The duo, which holds almost all of Mediapro’s second-lien and a big chunk of the first-lien debt, wants to convert it into an equity investment in the Barcelona-based firm. Mediapro, the producer of broadcasts of league matches involving storied clubs such as Real Madrid and FC Barcelona, began talks with creditors in March to help repair its balance sheet. The firm, co-owned by Chinese private equity Orient Hontai Capital, advertising giant WPP and two of its founders, has also sought government aid in the form of pandemic-relief loans. Invesco and Searchlight need the support of a majority of creditors for a plan that would lop 330 million euros ($402 million) from Mediapro’s debt pile of more than 900 million euros. Their proposal would see the conversion into equity of all 180 million euros of the firm’s second lien debt, as well as about 150 million euros of the first lien loans. Read more.