Competitive setbacks, coupled with reduced diplomatic security spending in Iraq and Afghanistan, have pushed Apollo’s defense contractor Constellis to the brink of bankruptcy
The spike in Middle East tensions may have come too late for Constellis Group, the defense contractor with roots in the Blackwater mercenary training firm founded by Erik Prince.
The loss of key government contracts and a reduction in spending on U.S. diplomatic security have pushed Constellis to the brink of bankruptcy, wiping out a $455 million bet by its owner, Apollo Global Management LLC, according to people familiar with the matter. Constellis recently defaulted on its loan agreements and agreed to a forbearance pact...
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