Carpet Firm Victoria Inks Deal With Excluded Creditors

Victoria Plc has agreed a balance-sheet restructuring with holders of two thirds of its £166.6 million of 2028 notes and Koch Industries, under which consenting bondholders will exchange their securities for new second-ranking bonds due in 2031 equal to 75% of face value plus about 25% of the company’s equity, while Koch will swap £380 million of preferred equity for £50 million of new preferred shares, a 25% ordinary equity stake and additional 2031 bonds, addressing the creditor group left behind by last year’s controversial uptiering of the company’s 2026 notes, with non-consenting 2028 noteholders set to receive nothing.

More from Bloomberg (subscription required) and Streamline Feed.