Avon Automotive gets cash injection and new owners

ERJ staff report (DS)

Cadillac, Michigan — Avon Automotive Holdings Inc. and its subsidiaries have completed a refinancing and recapitalisation that has substantially reduced the company’s debt and improved its capital structure.

As part of the recapitalisation, Crystal Capital of Boston, Massachusetts contributed new equity and becomes the majority equity holder by acquiring the shares held by Red Diamond Capital and MC Capital Inc. The senior loan syndicate, led by Jefferies Finance LLC, amended its existing loans to provide for increased borrowing availability and reduced amortisation. Red…

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