PARIS, June 20 (Reuters) - French waste group Seche Environnement has decided to withdraw from the capital of Saur after making an unsuccessful offer to restructure the debt of its French peer, Seche said on Thursday.
Seche, which has a 33 percent stake in Saur, is to sell all its shares and convertible bonds in Saur’s holding company Hime “at a symbolic price” to a consortium of banks, it said in a statement.
Seche said its commitments concerning Saur had already been provisioned in 2012 and the share sale would have no impact on its financial accounts.
Water and waste treatment company Saur, burdened by 1.8 billion euros ($2.3 billion) of debt, is trying to negotiate a restructuring with its lenders and shareholders before June 30, after which the firm risks being put under a court-sanctioned reorganisation scheme.
A buy-out offer from BNP Paribas and Natixis for Saur has been approved by 90 percent of its lenders, a spokesman for the lenders, Saur’s creditors, said last Friday. (Reporting by Gus Trompiz; Editing by Muriel Boselli)