When a group of activist funds including Apollo Management, TowerBrook Capital and York Capital approached French roofing business Monier in April with a restructuring proposal, it came as a surprise to more than the troubled company itself. This was not business as usual in the struggling European corporate sector – this was different. Sponsor-led restructurings have been the hallmark of this downturn so far, with private equity firms taking advantage of disarray at the lending banks to increase their control at firms in distress.
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