Private Credit Firms to Swap Debt for Equity in Stressed 48Forty

Private credit lenders are poised to take control of pallet company 48Forty Solutions, about a year after providing $1.75 billion of debt to support Summit Partners’ acquisition of the business, according to people with knowledge of the matter.
A group of lenders including Antares Capital are set to take equity in 48Forty under a proposed restructuring slated to close by the end of the year, said the people, who asked not to be identified discussing private information. Other lenders include KKR & Co., BlackRock Inc. and Carlyle Group Inc., the people said.