Syncreon operates on six continents with 100 facilities in 20 countries

Syncreon, the global logistics group headed by Michael Enright, is set to complete a massive restructuring which will result in its lenders taking more than 90% of the equity in the business.

The complex restructuring will see the distressed group’s debt reduced by $620m (€560m). The troubled group, which is majority owned by private equity companies GenNx360 Capital Partners and Centerbridge Partners, has secured more than 90% support from creditors for the plan.

Syncreon was formed in 2007 when Clare man Enright merged his Walsh Western International, a leading logistics partner of large technology companies, with TDI, one of the world’s biggest supplier of supply chain services to the automotive industry.

Backed with private equity funds and debt, the combined business further grew its operations