PwC spin-off Vialto to restructure $1.5 bln debt after cost overruns: Report
Vialto, which used to be part of PwC, is planning to restructure $1.5 billion of debt loaded onto the business in a private equity buyout after running into financial difficulty following its separation from the Big Four firm, the Financial Times reported on Friday.
The firm is in talks with creditors, including Pimco and Blackstone, to reorganise its capital structure after cost overruns caused by rating agency downgrades, the newspaper reported.
PwC sold its global mobility business to U.S. private equity firm Clayton, Dubilier & Rice in 2022 in a $2.2 billion deal to raise capital to invest in faster-growing areas of its consulting business, the report said. The firm was renamed to Vialto after the buyout, it added.
Vialto could not be reached for comment, while Blackstone and Pimco did not immediately respond to Reuters' requests for comment.
Vialto works with firms to provide global mobility, tax and immigration solutions that enable cross-border operations, according to its website.
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