The private-equity investors that control Germany’s ProSiebenSat.1 have hired advisers to restructure about €1.8bn ($2.4bn) in debt held by their holding company, which owns 88 per cent of Europe’s second largest commercial broadcaster.

People familiar with the situation said KKR and Permira had hired debt specialist Houlihan Lokey to give a “first scoping” of possible steps to be taken at holding company Lavena, which bundles both firms’ stakes in the broadcaster.