BNP Paribas, in cooperation with Natixis, had tendered a buy-out offer for Saur, the water and waste treatment firm. This offer, according to a spokesperson for the lenders, has been approved by 90% of the company's lenders as of Friday.
A spokesperon for CoCom, the lender's committee had said, "Ninety percent of senior and junior lenders have approved the plan."
Saur is saddled by Eur1.8 billion worth of outstanding debt. The company has been trying to negotiate with its creditors and shareholders before the deadline of June 30. Should the deadline pass without a deal in place, then the company would be placed under a court-mandated reorganization scheme.
There is one positive outlook though and that is the discussions with French state holdings firm FSI. In a recent announcement, the firm was confident in reaching a positive outcome with the current debt negotiations being conducted with Saur.
According to FSI CEO Jean-Yves Gilet, "Important progress has been made in the past few days. We expect a positive outcome for these talks."
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