Business · Companies · 4 hrs ago
Konecta proposes converting 70% of its syndicated debt into shares
Konecta has proposed turning 70% of its syndicated debt into shares as it negotiates a restructuring with its lenders.
The Spanish customer-service outsourcing group missed a €44 million interest payment on Monday.
Its syndicated debt totals €1.145 billion, and the proposal would convert about €800 million into shares.
Lenders would take ownership of the company, replacing current owner ICG, a British private equity firm.
The remaining 30% of the debt would carry a low cash interest rate, with additional interest added to the amount owed rather than paid regularly.
Creditors have given Konecta until 18 December to negotiate without using rights triggered by the missed payment.
The company is shifting from traditional call centres towards a model that uses artificial intelligence, while continuing normal operations with 100,000 employees.
Konecta has proposed converting 70% of its €1.145 billion syndicated debt into shares as part of a restructuring.
The proposal follows the company’s missed €44 million interest payment on the syndicated debt.
If accepted, the deal would give creditors ownership of the company instead of its current controlling shareholder, ICG.
The remaining 30% of the debt would carry a 0.25% cash interest rate and an in-kind rate of Euribor plus 525 basis points.
Konecta continues operating normally while negotiations take place.
- Who
- Konecta and its syndicated creditors are negotiating. ICG currently controls the company.
- What
- Konecta proposed converting 70% of its €1.145 billion syndicated debt into shares.
- When
- The proposal followed a missed interest payment on the Monday before the article was published on 29 October 2026.
- Where
- Not stated
- Why
- The company is seeking to restructure its debt and move from a traditional call-centre model towards a hybrid model supported by AI.
This story does not have two clearly opposing sides.
Houlihan Lokey began working for Konecta.
PJT Partners began working with the creditors’ steering committee.
Konecta missed a €44 million interest payment on its syndicated debt.
The creditors’ steering committee gave the company until this date to negotiate without exercising rights triggered by the missed payment.
- Syndicated debt
- €1.145 billion
- Proposed conversion
- 70% of syndicated debt into shares
- Missed interest payment
- €44 million
- Debt outside restructuring
- €250 million in bilateral lines and working-capital facilities
- Employees
- 100,000
- 2025 revenue and EBITDA
- About €2 billion in revenue and about €283 million in EBITDA