Arendt & Medernach advises on Luxembourg aspects of Webasto Group restructuring
Arendt & Medernach advises core banks of Webasto SE, led by coordinating banks Bayerische Landesbank and UniCredit, as well as the European Investment Bank, on Luxembourg law aspects of successful financial restructuring of Webasto Group.
Experts involved in the Deal
Restructuring & Insolvency
Finance & Capital Markets
- Dominik Pauly
- Milos Vulevic
- Javier Ruiz
Tax
- Alain Goebel
Arendt & Medernach advised the core banks of Webasto SE, led by the coordinating banks Bayerische Landesbank and UniCredit, as well as the European Investment Bank, on all Luxembourg law aspects of the successful financial restructuring of the Webasto Group.
The complex cross-border transaction involved an extension of the maturities of the existing, partly state-guaranteed, loans of approximately €1.2 billion and a €200 million new money credit line provided by a subset of lenders in exchange for a comprehensive security package, together with the establishment of a dual-purpose trust agreement over the shares in Webasto SE. Dr Christoph Morgen and Dr Jan Markus Plathner were appointed as trustees. Holders of promissory notes also extended the maturities of the promissory notes accordingly and customers of the Webasto Group committed to contributions required for the restructuring.
Arendt & Medernach acted as Luxembourg counsel to the lenders.
Webasto is a leading global German automotive supplier operating in the roof, thermo and battery segments, with operations across several European countries (including Luxembourg), India, China, Mexico and the United States.
