Apollo Global Management Inc. APO, -6.53% -backed lighting company Lumileds Holdings B.V. said Monday its U.S. and Dutch entities filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court for the Southern District of New York. The company said it inked a restructuring support agreement with lenders holding a majority of its outstanding loans to restructure its debt and strengthen its balance sheet by more than $1.3 billion. The company said the restructuring support agreement also includes $275 million of liquidity to “accelerate Lumileds’ growth, and enable further investment in innovation to pursue additional strategic opportunities.” Lumileds’ European, Asian, and other foreign subsidiaries and affiliates are unaffected by the Chapter 11 process, which the company expects will take about 60 days. Apollo in 2017 bought a majority stake in the former LED unit of Philips at an enterprise value of $2 billion. Shares of Apollo Global Management are down 22.2% in 2022 compared to a loss of 14.9% by the S&P 500 SPX, -3.37%.
