RLPC-Buyout firm Apollo could take control of UK's Stemcor

April 16, 2015 2:56 PM

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LONDON, April 16 (Reuters) - Steel trading firm Stemcor, one of the UK's largest private companies, could be taken over by U.S. distressed investment fund Apollo, as part of a $2 billion debt restructuring, according to banking and industry sources.

Apollo is in the process of negotiating a debt for equity swap with Stemcor and its creditors. At the same time, the debt-laden company is trying to sell its core trading and distribution business, which has attracted interest from two individuals, the sources said.

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