U.S. private-equity fund Apollo Global Management has snapped up £100 million ($155 million) of debt in Premier Foods, Britain's biggest branded goods company.
The move could hasten a restructuring at U.K. business, which has almost £950m of debts on its balance sheet.
It is also part of a wider trend that has seen commercial banks finally start to sell of parts of their loan books in efforts to raise their capital ratios. Last year, rival debt fund, Oaktree Capital Group, swooped on gym chain Fitness First, forcing a restructuring and change of control.
Premier, which owns Hovis bread and Mr Kipling cakes, has been working hard to revive its fortunes as part of an on-going turnaround plan. It has seen its share price slide from 125p at the end of last year to 65.5p at Tuesday's close.
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