Silver Point Capital LP buys Galvex

Silver Point Capital LP acquired Estonian galvanized steel producer Galvex through debt for equity exchange for $203 million in debt. Galvex, the biggest independent galvanized line in Europe with annual capacity of 500,000 metric tons of high quality galvanized steel, filed for bankruptcy in January of the current year and the tender on its sale was opened. Russian steelmaker Severstal had won the tender, offering the highest price, but pulled out of it in early May, opening the road for Silver Point Capital LP to proceed with the buyout of Galvex.