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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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