BC Partners will lose control of Greek casino operator, Regency Entertainment, Reuters reports. The U.K. private equity group will see its stake reduced to 15% after Regency defaulted on a €700 million loan.
Regency’s lenders will swap their debt for a majority stake of 72.5%, while senior lenders will hold a stake of 12.5% in the company. The restructure will remove Regency’s €200 million mezzanine loans, which were raised alongside €480 million in senior loans.
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