As long as £290m is written off...
Published: 12 July 2002 16:30 GMT
The management board of Energis is debating a £550m rescue offer from a private equity consortium.
The group includes Apax Partners, Carlyle Group and Credit Suisse First Boston.
The consortium's offer will roll-over £400m of existing debt and plough £150m of new money into the company, but a deal depends on Energis' banks agreeing to write off £290m in debt.
Up to half of the new money would remain on the balance sheet to strengthen the company's financial position while the remainder would be spent on capital expenditure.
Energis put itself up for sale in February after defaulting on £565m in bonds.
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