Lenders to Take Control of Apex Tool, Slashing Bain’s Stake

Bain Capital-backed Apex Tool Grouphas come to an agreement to hand control of the power-tool maker to lenders and drastically cut the private equity backer’s stake in the process, according to people familiar with the matter.

The restructuring is set to cap off years of volatility for the company, which has loans that have been trading at deeply distressed levels. The latest agreement clinched support from about 99% of creditors and is poised to help untangle a complicated debt arrangement from last year, said one of the people, all of whom asked not to be identified discussing private ...