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Pearl to get £500m injection in debt restructure, say reports

Pearl Group has finalised a debt restructure deal which will slash the firm’s £3bn debt and secure a £500m capital injection from investor, Liberty Acquisition Holdings, according to reports.

The Financial Times claims the Cayman Islands-based company is expected to announce it has entered a period of exclusivity to close the deal, which would see it take a stake of about 60 per cent.

Founder Hugh Osmond is likely to take a significant loss on his original equity stake in the Pearl empire, estimated to be around £200m. The deal will leave him, and partners, with a stake of around 30 per cent, the paper states.

In April, Pearl announced that it was to pursue a debt restructuring in a bid to move towards a listing on the stock exchange.

Pearl’s debt soared last year after its £5bn acquisition of Cowdery’s original Resolution. The firm’s capital base has been impacted by the turbulence in stock markets.

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