By Karlee Weinmann (August 1, 2013, 4:05 PM EDT) -- A pair of private equity firms is among the 250 or so creditors holding the debt of German property company IVG Immobilien AG and the two could use their statuses as leverage to make a takeover play for the floundering company, sources told Reuters on Thursday. New York's Apollo Global Management LLC and Texas-based TPG Capital are circling the company as the clock ticks down on last-ditch talks to avoid insolvency proceedings for the company, which counts London's Gherkin skyscraper among its assets. It needs to restructure roughly €5.3 billion ($7 billion) in debt in the next few days to avoid falling into bankruptcy. If IVG fails to reach a resolution, the proceedings could mean a full or partial sell-off of the company's assets, including through a debt-for-equity swap with one or more private equity firms holding its debt....
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