Intrum, Europe’s largest debt manager, announced today that it will file Article 11 in the United States because it believes it needs “protection” to restructure its $4.69 billion debt at the end of June.
“Intrum expects to emerge from the Swedish company’s restructuring process with headroom and liquidity to execute its business plan and positioned for long-term growth and success,” he said.
The company’s shares fell 2.8% after the announcement of the company, which wants to aim at strengthening capital and refinancing its obligations at the international level.
According to Reuters, Intrum won support for debt restructuring from 73% of its shareholders, enough for the US Article 11 process, but less than the 75% needed to qualify for a simpler process under English law.
It is a tool often used in similar procedures. It has no impact on the operation of the Group and its subsidiaries, which continues normally and without interruption.
The Greek supervisory authorities are still aware of the process of capital strengthening and restructuring of the Group, because the company owns a significant part of the “red loans” in our country. It is noted that the turnover of Intrum in Greece for the year 2023 was 223 million euros.
