There have been a number of developments this week around the various amendment and waiver processes out to investors, including those for Doncasters, Elior, and Materis. The early bird deadline for Doncasters passed yesterday, and sources said that following last week’s revisions, the DIC-owned British engineering firm has now secured well above the requisite majority consent from senior lenders for its covenant waiver request.

These lenders were incentivised to respond by yesterday’s early bird deadline by a 15 bps consent fee, although junior lenders – who were not offered an early bird fee – are unlikely to respond until the final deadline.

Meanwhile, market sources suggest that Elior has now received consent from more than two thirds of lenders regarding its A-to-E, with work progressing on the extension side of the process. The French catering-services group had already secured north of 60% approval as it launched the process following a sounding out of the largest banks and funds, but is understood to be targeting an extension rate of at least 80%, according to sources. The early bird deadline is this Friday, with the final deadline a week later. A 12.5 bps consent fee is available by the early bird, with another 12.5 bps fee offered at the final deadline, as well as a 50 bps extension fee, sources said.

The Materis saga continues, with the deadline extended by another week to this Friday as the borrower seeks to secure an extension rate of at least 85%.

Flint has already received the required majority consent from lenders for its covenant waiver, sources said, with more than 90% of senior lenders giving their support to the request, as well as roughly the same proportion of mezzanine lenders. Consent was received by last Friday’s early bird deadline, which carried a 50 bps fee for senior lenders, and 25 bps for the second-lien and mezzanine lenders.

Moving into restructuring territory, a meeting is scheduled for this Friday for all lenders to Kloeckner Pentaplast, to provide an update on recent developments. As reported, Blackstone and Oaktree are seeking to take co-control of the company in a restructuring that aims to cut debt substantially at the over-levered German packaging group, although could face resistance from its junior lenders regarding where value breaks in the capital structure, which includes senior, second-lien and mezzanine portions. –  Sarah Husband