Global law firm Freshfields has advised OQ Chemicals, a global producer and merchant of oxo chemicals, on its financial restructuring and acquisition by funds managed by Strategic Value Partners LLC (‘SVP’) and Blantyre Capital Limited (‘Blantyre’).

The transaction comprised of a consensual out-of-court interim maturity extension of its €1.1bn financial indebtedness governed by NY law in September 2024 including a €75m equivalent super senior new money raise by its lenders in June 2024. Subsequently, with the acquisition of OQ Chemicals by SVP and Blantyre the transaction was successfully completed with a significant strengthened capital structure of the company including an amendment and extension of its loans. As part of the acquisition, OQ Chemicals will re-establish OXEA's original name reaffirming its long-standing presence and heritage in the global chemical industry. Ziems & Partner with Hans-Joachim Ziems as CRO managed OQ Chemicals since May 2024 during this transaction.

Freshfields led a cross-border, multi-jurisdictional and multi-practice group team to deliver a successful outcome for the Company. The Freshfields team was led by Restructuring and Capital Solutions Partners Marvin Knapp (Hamburg) and Catherine Balmond as well as leverage finance Partner Denise Ryan (both London) and worked closely with the Ziems & Partner team as well as inhouse legal counsel Hans-Peter Imkamp throughout the transaction. The Freshfields team was supported by a team including Partner Madlyn Primoff (New York), Senior Associates Alex Thomson (London), Tom Dittmar and Associates Christopher Schlöder and Andreas Aigner (all Hamburg), Michael Atkinson (London, all Restructuring); together with Senior Associate Julia Horbach, Associates Adam Aarons (both London) and Aleksandar Djurdjevic (Frankfurt, all Leverage Finance). The team was further supported by Corporate Partner Franz Aleth, along with Partner Tobias Klose and Associate Estelle Lemarignier (both Antitrust, all Düsseldorf).