LONDON ― IMO Car Wash Ltd. is refinancing its leveraged loans in an attempt to get out of debt, according to a Bloomberg News Businessweek report.

The July 30 report said IMO, which is credited as the world's largest carwash company, apparently failed to reach a buyout agreement with TDR Capital LLP.

TDR had been in "exclusive talks" to buy IMO after winning a Rothschild auction, the story reported.

IMO had been taken over by its lenders in 2009 after it breached terms on its loans that were established in 2006, in which $297 (US) million was borrowed.