Lecta enters lockup deal to support €400m debt restructuring

Spain-based Lecta and key stakeholders have entered a lockup agreement that commits parties to supporting a recapitalisation of the company. The agreement provides the necessary support for Lecta to move forward with its debt restructuring plans. Under the recapitalisation, the company is expected to reduce its debt burden by approximately €400m ($468.4m). This would bring the company's net leverage ratio to below 3× on a pro forma basis and also includes provisions for up to €100m in new financing ded ...