SAC, Z Capital Said to Be Near Deal for Golden Gate’s Neways

Creditors SAC Capital Advisors LP and Z Capital Partners LLC are poised to take control of Golden Gate Capital Corp.’s Neways in a restructuring that would allow it to avoid bankruptcy, said people with knowledge of the talks.

Golden Gate will keep an equity stake in the company through an out-of-court financial restructuring, said the people, who asked not to be named because the talks are private. Neways, which makes personal and household products that don’t use so-called controversial ingredients, defaulted on about $235 million of second-lien loans last year and was weighing a bankruptcy filing, people familiar with the matter said Nov. 17.