Morgan Stanley in Acquisition of Kiekert AG by Chinese Investor Hebei Lingyun

March 13, 2012

Cleary Gottlieb is advising Morgan Stanley in its capacity as Facility Agent and Security Agent in connection with the acquisition of Kiekert AG by Chinese automotive supplier Hebei Lingyun Industrial Group Corporation Ltd. The transaction was announced on March 13 and is subject to approval by the German Federal Cartel Office.

Kiekert AG is currently owned by a consortium consisting of BlueBay Asset Management, Silver Point Capital, Morgan Stanley as well as NIBC.

Kiekert AG, headquartered in Heiligenhaus, Germany, has approximately 4,000 employees worldwide and has operations in Germany, the Czech Republic, the United States, Mexico and China. The turnover of Kiekert Group in 2011 amounted to approximately €500 million.

Beijing-based Lingyun Group is a listed automotive supplier with about 10,000 employees, located at more than 40 company sites, with a turnover of more than €700 million in the automotive sector.

Cleary Gottlieb previously represented Morgan Stanley, BlueBay and other senior lenders in the restructuring of €434 million of existing debt and corporate restructuring of Kiekert Group in 2006/2007. In addition, in 2010/2011 we advised the lenders and shareholders of Kiekert Group in connection with a further restructuring of approximately €180 million of existing debt.