Clifford Chance, working with Latham & Watkins, has advised the steering committee of the credit financiers, including Commerzbank AG, DZ Bank AG, Erste Group Bank AG, Landesbank Baden-Wurttemberg, and Norddeutsche Landesbank, on the restructuring of the Benteler Group. Ashurst and Schoenherr advised Benteler on the deal.
Benteler Group is a family-owned company that employs approximately 28,000 workers in about 100 locations in almost 30 countries. The automotive supplier also manufactures steel products and tubes for industry customers.
According to Clifford Chance, the restructuring “consisted [of a] full refinancing of the group's existing fragmented financing arrangements involving in total almost 120 different lenders and financing partners from various jurisdictions, which was transformed into a joint financing structure secured by a uniform pool of collateral shared among all lenders and financing partners.”
Clifford Chance’s team included Partner Milos Felgr, Counsel Tomas Richter, and Assocates Pavel Bogusky and Tereza Rehorova.
Schoenherr's team was led by Partners Peter Konwitschka, Martin Ebner, and Wolfgang Hoeller.
