Kem One - comment

Apollo, the equity sponsor of Kem One, has added White & Case as an adviser alongside existing legal counsel Paul Weiss and financial adviser PJT Partners.

Senior secured noteholders, holding a majority of the SSNs, are advised by Rothschild and Gibson Dunn. The group re-formed following the January issuance of €30m of super senior private notes, which further primed the SSNs through a 3x MOIC repayment clause.

The additional super senior debt, ranking pari with the existing €200m super senior facility, has significantly eroded SSN recoveries, with the bonds now sub 5c, leaving limited optionality for a consensual restructuring.

Super senior creditors Monarch and Arini are advised by Jefferies, while Kem One is advised by Latham & Watkins.