Global law firm Freshfields advised the core banks of Webasto SE, led by the coordinating banks Bayerische Landesbank and UniCredit, as well as European Investment Bank, on the successful financial restructuring of the Webasto group.

Webasto is a leading global German automotive supplier operating in the roof, thermo, and battery segments. The group has sites across several European countries as well as in India, China, Mexico and the United States.

The complex transaction involved an extension of the maturities of the existing approx. €1.2bn, partly state-guaranteed, loans as well as a €200m new money credit line provided by a subset of lenders in exchange for a comprehensive security package as well as the establishment of a dual-purpose trust agreement over the shares in Webasto SE. Christoph Morgen and Jan Markus Plathner were appointed as trustees. In addition, holders of promissory notes extended the maturities of the promissory notes accordingly and customers of the Webasto group committed to contributions required for the restructuring.

The Freshfields team was led by Partners Frank Laudenklos (Finance, Frankfurt) and Marvin Knapp (Restructuring and Capital Solutions, Hamburg), together with Principal Associate Hannes Butz (Finance, Frankfurt).

The core team included Counsel Nina Heym (Finance/Restructuring and Capital Solutions, Frankfurt), Associates Sam Rigney (Restructuring and Capital Solutions, London), Alexander Bräuer (Finance, Frankfurt), Benedict Kebekus and Andreas Aigner (both Restructuring and Capital Solutions, Hamburg) and Leif-Magnus Wishöth (Finance, Frankfurt). Corporate advice was provided by Partner Simon Schwarz (Frankfurt/Hamburg).

Specialist tax law advice was provided by Partner Alexander Schwahn and Associates Fabienne Gieshoidt and Leon Liekefett (all Hamburg). Partner Andreas von Bonin (Brussels), Counsel Uwe Salaschek (Berlin), and Associate Philipp Baschenhof (Brussels) advised on competition law and other regulatory aspects.