Freshfields advises WKW.automotive on restructuring
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised WKW.automotive on its financial restructuring.
WKW.automotive is a globally active automotive supplier which – as a manufacturer of trim and functional components made of aluminium, plastic and stee – serves almost all renowned OEMs (original equipment manufacturers) in Europe and also supplies the US market through two locations in Michigan and Alabama. The group has locations in Germany, France, Monaco, Hungary, Tunisia and North America and achieved a sales volume of €473 million in 2020 with around 4,500 employees. Due to extensive international investments in the last two years and the upheavals in the industry, WKW.automotive, like many other supplier companies, found itself in difficult financial waters.
Key aspects of the restructuring included the bundling of a large number of existing bilateral loans as well as new credit facilities in a syndicated loan agreement with a total volume of more than €200 million as well as corporate law measures to change the group structure and adjustments to the corporate governance of WKW.automotive, including the transfer of shares held by the shareholders to a trustee for the period of the restructuring.
The Freshfields team was led by Partner Lars Westpfahl, who was supported by Counsel Jan-Philip Wilde as well as by the Associates Leon Luserke and Christian Paterlini (all Restructuring, Hamburg). The team also included Partners Peter Versteegen and Philipp Dohnke as well as Principal Associate Aljosha Barath (all Corporate, Hamburg), Partner Mario Hüther, Principal Associate Andreas Thümmler, Associate Alexander Bräuer (all Finance, Frankfurt), Principal Associate Claus-Peter Knöller, Associates Sebastian Jung and Julia Langner (all Tax, Frankfurt).
About Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer is a global law firm. We have a long history of successfully assisting the world's leading industrial and financial companies, institutions and governments with their complex projects, transactions and challenges. Whether from our own 28 offices in the world's major business and financial centres or with leading local law firms, our more than 2,800 lawyers provide comprehensive business law advice and combine their expertise to deliver decisive legal and industry solutions for our clients.