1,600 jobs saved at cosmetics company

Financial restructuring has been completed at European cosmetics business IWP

The company, which owed 120m euros (£84m), worked with Kroll Talbot Hughes to
restructure its debt and secure the future of 1,600 employees across UK,
Holland, Poland and the US.

The deal includes a debt-for-equity swap and splitting some of its debt (65m
euros) into two tranches secured over its operating businesses and its
investment in Jeyes.

Alex Sorokin, partner at Kroll Talbot Hughes was appointed as interim CEO on
6 January. Following approval by shareholders at an EGM, Sorokin has assumed
this role on a permanent basis.

‘Consensual restructurings enable companies to reorder their capital
structure to avoid insolvency, preserving value for all stakeholders including
employees, creditors and, in this instance, shareholders,’ said Kroll partner
Julian Gething.

Kroll Talbot Hughes is part of Kroll’s Corporate Advisory &
Restructuring Group, and was formed following the acquisition of Talbot Hughes
McKillop in January 2005.

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