STA, 29 July 2020 - Alfi, a Slovenian equity fund, has acquired over 80% of the debt owed by Tuš, one of the largest grocers in Slovenia, which it will convert into equity, the newspaper Delo reports.
The paper, which has obtained confirmation on the acquisition of the last block of claims against Tuš from Alfi, says a framework restructuring agreement to deleverage the grocer is to be signed this week.
About 10% of the claims against the grocer are held by British fund Anacap, Alfi's rival in the acquisition of the debt, and the rest by small creditors.
Delo says the latest transaction will step up Tuš's financial repair as the terms will be set by Alfi. The paper has learnt that the delaveraging is to be swift.
The plan is for the financial creditors to be allowed to convert debt into equity, which would give Alfi an ownership stake of 75% in Tuš, with the Tuš founder, Mirko Tuš, preserving 15-20%.
Another step in Tuš's restructuring is to be selling and then taking out a lease on its properties.
Mirko Tuš last year handed the company's management over to his son Andraž.
At the end of 2019, preventive restructuring was launched for the group, whose main line of business is retail with entertainment, recreation, hospitality and real estate as side lines of.
In 2018 the group fell from third to fourth place among Slovenia's largest grocers.
Since first Tuš shop was opened 30 years ago, the company developed into a group with 100 stores with more than 3,100 employees, but became heavily indebted during the last financial crisis.
