Cazoo lenders will take control of the company’s shares as part of a deep financial restructuring.
It has been confirmed that $630m (£509m) of convertible notes will now be cancelled in exchange for $200m of new senior secured debt and new equity that will leave Viking Global Investors, a US-based fund, as its biggest shareholder.
Alex Chesterman founded and has run Cazoo since the start. He rapidly scaled its profile by sponsoring prominent sports teams such as Aston Villa and Everton, the Premier League football clubs.
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