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Dentons and LKT Advise on Waberer's Debt Restructuring

Dentons and LKT Advise on Waberer's Debt Restructuring

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Dentons has advised a syndicate of Raiffeisen Bank, UniCredit Bank, ING Bank, CIB Bank, Erste Bank, K&H Bank, and MKB Bank, and four affiliated leasing companies, on the restructuring of the Waberer’s Group’s debts. Lakatos, Koves & Partners advised Waberer’s on the deal.

According to Dentons, "following more than 15 months of extensive negotiations, structuring, drafting, and an ownership change of the company, the parties signed complex documentation for the long-term multi-source financing of Waberer’s and its affiliates. The dozens of exiting bilateral and unsecured facilities and hundreds of individual leasing arrangements with the lenders will remain in place, but will now be secured. In addition, a common set of terms (included in a common terms agreement) now regulates the relationship, partially overriding the bilateral agreements. As a result of the agreement, Waberer’s financing partners will continue providing all financing facilities in the long run, all being necessary for the operation of the company at market standard collaterals and covenant system conditions."

Dentons' team was led by Partner Gergely Horvath, Head of Dentons’ Banking and Finance and Restructuring groups in Budapest, and included Counsel Tunde Gonczol for competition aspects, Senior Associate Gabriella Pataki for insolvency aspects, Associate Bence Boszormenyi and Junior Associates Nora Nagy and Kinga Kovacs for financing aspects, and Warsaw-based Partner Agnieszka Lipska and Associate Andrzej Sarnacki for Polish aspects.

The Lakatos, Koves & Partners team was led by Partner John Fenemore and included Associate Balazs Rokob, Lawyer, Agnes Abraham, and Trainee Lawyer Nora Kertai.

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Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

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The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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