化工：Kem One易主，债务缩减80%

Chimie : Kem One change de mains et réduit sa dette de 80%

La Tribune AURA Original

摘要
被美国基金阿波罗于2021年收购的化工企业Kem One，因债务激增，已与主要金融伙伴签署重组债务的初步协议，并注入1亿欧元。

背负沉重债务压力的法国化工企业Kem One，在2021年被美国基金Apollo收购后，近日与其主要金融合作伙伴达成一项原则性协议，对公司债务进行彻底重组，并注入1亿欧元新资金。

该协议的核心是大幅削减Kem One高达80%的债务。具体操作上，三家主要债权人——Farallon Capital、BlackRock的私人信贷部门以及SCF基金——将共同分担这笔1亿欧元的注资，其中一半由现有债权承担，另一半则由Apollo基金承担同等份额。方案正在等待金融机构的正式批准，并在近日于里昂商业法院的一次闭门听证会上得到确认，作为公司进入庭前调解程序的阶段性成果。

这笔资金注入及债务削减，将极大改善公司财务状况。据Kem One董事长阿兰·德·克拉西介绍，过去十八个月，由于市场行情极度低迷，公司面临巨大困难，负债额已攀升至“集团所能承受的两倍”。截至2023年底，其净债务为3.21亿欧元，而此次重组后，金额将降至1亿欧元以下，财务杠杆率将从两位数降至约1.5倍，远低于行业普遍难以承受的9倍水平。

作为参照，Kem One在2023年的净亏损达到2700万欧元，凸显了其面临的严峻挑战。事实上，就在今年三月，Apollo基金还提出以原价30.5%的价格回购债券，试图通过市场操作减轻债务压力，但响应者寥寥。

除了财务重组，德·克拉西还透露，公司或考虑出售部分资产以改善现金流。目前，已有两组买家表达了收购意向，分别是Cathay Capital和Cartesian资本。此次深度的资本结构重塑，将使这家拥有347名员工的化工企业得以喘息，并预计在2025年能重新实现与行业相符的盈利水平。

Summary
Kem One, a chemical company acquired by Apollo Global Management in 2021, has reached a preliminary agreement with its key financial partners to restructure its soaring debt and secure a €100 million capital injection. This deal aims to stabilize the debt-laden company's finances and prevent a potential default.

Kem One, the French chemical producer, is poised for a change of control and an 80% reduction in its debt under a new agreement in principle with its main financial partners. The company had been burdened by a soaring debt load since its 2021 acquisition by U.S. private equity fund Apollo. The deal, which requires final documentation, provides for a comprehensive balance-sheet restructuring and a €100 million equity injection, effectively wiping out a large portion of the liabilities and transferring ownership to a new investor group.

Résumé
Kem One, chimiste détenu par le fonds américain Apollo depuis 2021, a conclu un accord de principe avec ses créanciers pour restructurer sa dette et bénéficier d'une injection de 100 millions d'euros. Cette opération vise à soulager l'entreprise accablée par son endettement et à assurer sa continuité.

Accablé par l'explosion de sa dette, le chimiste Kem One, acquis par le fonds américain Apollo en 2021, vient de signer un accord de principe avec ses principaux partenaires financiers qui acte la restructuration de sa dette et l'injection de 100 millions d'euros.

AI Insight

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Core Point

Kem One, a French chemical producer, restructures its debt with a €100M capital injection and an 80% debt reduction, ensuring the continuity of a key European supplier of PVC and chlorochemicals.

Key Players

Kem One — producer of PVC and chlorochemicals, headquartered in Lyon, France.
Apollo Global Management — US private equity firm that acquired Kem One in 2021, based in New York.

Industry Impact

Automotive: Medium — PVC is widely used in vehicle interiors and components; stable supply supports production.
Terminals/Consumer Electronics: Medium — PVC and chlorochemicals are used in cables, casings, and other parts; uninterrupted supply mitigates cost volatility.
Energy: Low — Chlor-alkali production is energy-intensive, but the restructuring primarily addresses financial stability, not energy consumption patterns.

Tracking

Monitor — the restructuring secures a major European chemical supplier, but the impact on tech supply chains is indirect and not immediately disruptive.