Key facts
- Konecta is negotiating to restructure over 1 billion euros in debt.
- The company aims to transition to a hybrid model combining human services with AI.
- Konecta previously raised 150 million euros in capital and debt early last year.
- The company's long-term loan (TLB) is 945 million euros maturing in 2029.
- Additional credit lines (RCF) amount to 200 million euros.
- S&P Global downgraded Konecta's debt rating to B- with a negative outlook.
Konecta, a Spanish customer service outsourcing group owned by UK private equity firm ICG, is in talks with its creditors to restructure more than 1 billion euros of debt. The company has hired Houlihan Lokey as its financial advisor and A&O Shearman for legal counsel. The restructuring aims to provide a sustainable financial and capital structure, enabling Konecta to invest in an AI-hybrid service model. The company previously secured 150 million euros in capital and debt early last year but faces slower-than-expected progress due to client caution on AI and cybersecurity. Creditors are being advised by PJT Partners and Gibson Dunn.