Wednesday January 16, 2019
LXM Group is proud to announce the restructuring of the “Ambient” group of companies in the portfolio of Romanian non-performing loans it manages and advises on for its client Demaly. The core assets included two upmarket DIY stores in Cluj Napoca and Alba Ulia, amounting to almost 40,000 m2 of commercial space. LXM worked closely with Ambient’s management, supporting and approving the company’s reorganisation plan. The company then identified a local investor with management expertise in the sector to provide working capital for Ambient. Demaly will retain a substantial equity stake in the venture. Stewart Harding, Head of Credit Products, commented: “We are of course very pleased with the successful outcome of the insolvency process which has not only kept Ambient out of bankruptcy but has also safeguarded the jobs of the over 700 employees of the firm. We are confident in the further success of our Debt Restructuring team as we progress towards completion of our Romania portfolio.” LXM has been active in Southern Europe since 2014 and has transacted in over €2.7 billion of performing and non-performing loans.