Arini Among Creditors Set to Take Over Bain Capital’s Consolis

Creditors including hedge fund Arini are set to take over Consolis from Bain Capital as part of an effort to slash €300 million ($323 million) in the building materials company’s net debt.

Consolis agreed to a deal under which it will receive €115 million in additional liquidity from creditors via various facilities, according to a statement Saturday. At the same time, bondholders will see their holdings swapped for equity and Bain’s stake in the business will shrink to 4% after the transaction closes.

Arini is part of the creditor group that supports the plan and which combined holds around ...