Cleary Gottlieb represented Morgan Stanley, BlueBay and other senior secured lenders in the restructuring of €434 million of existing debt and corporate restructuring of Kiekert Group, a German-based auto-parts supplier with operations in the U.S., the Czech Republic and Mexico. The transaction closed on December 15.
The restructuring included the repayment of senior claims with the proceeds of a new €173 million term and revolving credit facilities agreement (including a €20 million fresh money facility), secured with collateral located in various jurisdictions, and the waiver of all remaining senior and mezzanine claims in exchange for the transfer by the prior shareholders of 100% of the equity in Kiekert GmbH, the holding company of the Kiekert Group. The new shareholders also provided €20 million in new equity.