The bid from Triton Partners for Findus Group could result in legal action from the mezzanine debt holders, said a source close to holders of the company’s £180 million (€222million/$282million) in mezzanine debt.

It is understood that Triton's bid would wipe out the holders of the mezzanine debt, which include Findus' owners Lion Capital, by writing off that debt.

According to

 
the Triton camp the result would be a much less leveraged company -- and one controlled by Triton. According to the Lion camp the reduced leverage offered by the Triton bid is just "smoke and mirrors," because it hinges on the mezzanine debt being wiped, giving grounds for legal action.

However,