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Debt funds circle troubled waste firm

Troubled waste firm Biffa is set to be “snatched away” from its private equity owners according to a report at FT.com.

According to the report a number of distressed debt funds - hedge funds and private equity investors that buy up the loans and bonds of troubled companies and swap the debt for ownership - are preparing to move on Biffa.

Biffa was bought for. £1.2bn by its current owners, private equity funds Montagu and Global Infrastructure Partners, in 2008. The company is now reported to be £1bn in debt following a period where it struggled to grow following the acquisition of Greenstar for £135m in 2010.

The FT report says the company failed to reassure lenders, many of whom are preparing to sell their loans, at a meeting last week.

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