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Creditors Unite Against Cornerstone PE Owner
21 Feb
Summary
- Cornerstone creditors are forming a bloc to boost leverage.
- The bloc aims to coordinate ahead of talks with its owner.
- Cornerstone Building Brands' performance has weakened.
A group of creditors for Cornerstone Building Brands Inc. is consolidating its position. They plan to coordinate their efforts as the company's financial performance deteriorates. This unified stance aims to increase the creditors' leverage in upcoming negotiations. The negotiations are expected to be with Clayton Dubilier & Rice, the company's private equity owner.
Financial and legal advisors have been engaged by the creditor bloc. Moelis & Co. is serving as the financial advisor, while Paul Weiss Rifkind Wharton & Garrison is providing legal counsel. Cornerstone Building Brands has also retained its own advisor, PJT Partners Inc., in preparation for these discussions.
