BusinessDesk: Bond holders now in the hands of a new manager with 'proven operational skills' to recover their situation

BusinessDesk: Bond holders now in the hands of a new manager with 'proven operational skills' to recover their situation

Blue Star Group Holdings named former Unitas Capital managing director Phillip Bower as chief executive of the Australasian commercial printing company.

Blue Star in August won enough support from its bond holders to rollover some $105 billion of debt into two new tranches paying lower interest. Payments had been frozen in 2009 and the company had warned it could face receivership if the refinancing plan wasn’t approved.

Blue Star is owned by another buyout firm, Australia’s Champ Private Equity, which has also provided more debt funding for the group.

“The board looks forward to working with Phillip as he executes the strategy recently presented to bond holders,” chairman Nick Greiner said in a statement. Bower “has proven operational skills and a record of achieving results.”

Unitas was among private equity owners of New Zealand’s Independent Liquor who agreed to sell the ready-to-drink liquor company to Asahi Group Holdings in a deal valued at $ 1.5 billion.

Bower has formerly worked at Goodman Fielder and MCK Group.

He starts at Blue Star on Nov. 28.

The $67.5 million of debt listed on the stock exchange last traded on Nov. 17 at 8 cents in the dollar, according to NZX data. The securities pay a coupon of 9.1 percent and mature on Sept. 15, 2015.

(BusinessDesk)

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