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Curia Global Working on Out-of-Court Restructuring
Curia Global is working on an out-of-court restructuring with its private credit lenders, according to sources.
The process marks another restructuring with more than $1 billion of private credit debt in about a month, after Octus reported that Medallia is preparing to equitize the holdings of its lenders.
The contract research and manufacturer for pharmaceutical and biotech companies is aiming for a consensual transaction with its lenders, sources added.
Curia refinanced its debt with private credit in March 2025 via a $1.3 billion term loan led by Apollo, as reported. The company also has a $300 million second lien term loan and $125 million accounts receivable facility lent by KKR. Blackstone’s Private Credit fund is listed as a holder to the second lien term loan, according to Octus’ BDC Database.
In the most recent BDC earnings from mid-May, Apollo’s Debt Solutions BDC marked its fair value position in Curia Global to 92.27, down 6.5 percentage points from the prior quarter. Blackstone’s Private Credit Fund BDC marked it down to 22.2, down 72.3 percentage points from the prior quarter.
Moelis led a sale process for the company in early 2025, according to sources, while Rothschild is running an auction for Curia’s business in Spain, as reported. According to third-party press, the Spanish sale process has attracted interest from Advent, Apheon, Keensight and ProA Capital and could be valued between €500 million and €600 million (about $581 million and $697 million).
The pharma company is working with Latham & Watkins, Moelis and Alvarez & Marsal, as reported.
Apollo declined to comment. Curia Global, GTCR, Carlyle and the advisors involved did not respond to requests for comment.
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