Showing posts with the label cites accounting issues

Airopack's debt revamp collapses, cites accounting issues

John Miller 3-4 minutes ZURICH (Reuters) - Airopack’s ( AIRN.S ) recapitalization plan collapsed as lenders including Apollo Global Management ( APO.N ) demanded repayment following the discovery of “inadequate sales and accounting practices”, the Swiss aerosol packaging maker said on Monday. FILE PHOTO: Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, May 1, 2018. REUTERS/Lucy Nicholson/File Photo Shares in the company, which makes plastic aerosol dispensers for Procter & Gamble’s ( PG.N ) Gillette shaving cream, fell as much as 60 percent and have lost almost all their value since hitting 13.5 Swiss francs ($13.46) three years ago. Airopack, whose net loss topped 40 million euros ($45.3 million) in 2017, has been seeking to slash debt via a recapitalization plan announced on Nov. 30. Its largest lender, U.S.-based private equity firm Apollo ( APO.N ), was to have received a controlling share in the deal. But dev