OQ Chemicals to Start Sales Process After Cutting Lender Deal

The Omani owner of <-bsp-bb-link state="{"bbHref":"bbg://securities/3295333Z%20GR%20Equity","_id":"00000190-459d-d497-a7fb-ed9d84070000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">OQ Chemicals GmbH is set to kick off a sales process for the business after the company reached a short-term financing deal with lenders, according to a person familiar with the matter.

Some of the main lenders to the Germany-based chemical manufacturer have agreed to provide €75 million ($80.2 million) in bridge financing in the interim, said the person, who asked not to be named discussing private information.

A group of lenders have also signed an agreement with the company to extend the maturities of €1.1 billion equivalent of debt due later this year, the person ...