Lenders to a troubled private equity-backed company have won one of the most closely watched European restructuring battles, which will result in them taking control of the firm through their holding of its debt. The deal is expected to be widely imitated across Europe.

French buyout firm PAI Partners had attempted to hang on to its €256m ($358.2m) stake at French roofing company Monier by offering to inject more money into the firm, while reducing its stake.