Cazoo Faces Talks with Debtholders over £510m Debt Restructuring

Cazoo, an online car retailer based in the UK, is facing talks with its debtholders about a £510m debt restructuring.

The holders of convertible notes due for repayment in 2027 have enlisted PJT Partners to advise them in negotiations with the company.

Cazoo's share price has been disastrous since it went public in 2021 through a merger with Ajax I, a special purpose acquisition company (SPAC).

Despite its poor performance, the company's operating performance has been more robust, with the company declaring itself "very pleased" with its sales in the second quarter of 2023.

The talks are expected to be followed by an offer to take the company private again.