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  "documentTitle": "European Distressed Credit Watch List",
  "authorId": "AlvarezMarsal",
  "authorName": "Alvarez & Marsal",
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      "text": "- Mar 16 - Advisers PwC and Latham & Watkins appointed by the company and Freshfields appointed by sponsor Charterhouse Capital Partners ahead of April covenant test\n- Apr 16 - A&E proposed by the company rejected by the lenders. Kirkland & Ellis appointed as legal advisors by an ad-hoc steering committee whilst the agent Commerzbank reportedly retained Allen & Overy\n- May 16 - Revised A&E proposal issued by the company. Deloitte appointed as financial advisor to the lenders\n- Dr Thomas Lutzenrath appointed as CEO to lead the turnaround of the Group\n- Jun 16 - counter proposal issed by the lenders. Waiver request for covenant breach rejected\n- Jul 16 - 30-day forebearance granted by the lenders until 4 August. Draft S6 Report prepared by PwC. The lenders are reportedly gearing up to prepare their own proposal",
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      "text": "Net Debt / EBITDA: 8.9x",
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      "kind": "paragraph",
      "text": "BARTEC develops and manufactures safety technology products for oil and gas, chemical, petrochemical, pharmaceutical, and mining companies. Business divisions include: Electrical Safety Solutions, Electrical Heating Technology, Analyser and Measurement Systems, Automation & Communication Systems and Mining. It sells its products through sales units and international sales partners in Asia, Africa, Australia, Europe, and the Americas. BARTEC was founded in 1975 and is based in Bad Mergentheim, Germany. It has production sites in Germany, Switzerland, the United Kingdom, Norway, Slovenia, Italy, the United States, and China.",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Debtwire, Company website",
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      "text": "Total Revenue | na | na | 338.2 | 299.0\n% Growth | na | na | na | (11.6%)\nPro-forma EBITDA | na | na | 66.9 | 43.0\n% Margin | na | na | 19.8% | 14.4%\nNet Income | na | na | na | na\n% Margin | na | na | na | na\nEBITDA / Interest | na | na | na | na\n(EBITDA - CapEx) / Interest | na | na | na | na",
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      "kind": "table",
      "text": "Debt | Out. | Maturity | Rate | Seniority\nCapex Facility (€50m) | 42 | Sep-18 | E+4% | Senior\nTerm Loan C (€261m) | 261 | Dec-19 | E+4.5% | Senior\nAdd-on Term Loan (€109m) | 109 | Dec-19 | E+4.5% | Senior\nTotal Debt | 412\nCash and Cash eq. | 28\nNet Debt | 384\nNet Debt / EBITDA | 8.9x\nDebt / EBITDA | 9.6x",
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      "kind": "title",
      "text": "A. INDUSTRIAL PRODUCTS & SERVICES – BARTEC",
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