Europe deals of the year: restructuring

Author: IFLR Correspondent | Published: 3 May 2017

Our shortlist includes two complicated and innovative sovereign and sub-sovereign restructurings. These matters carry huge implications and the highest of stakes.

Many of the cases evidenced seamless coordination across multiple borders. And through deft handling, some of the workouts ended years of inconclusive debt restructurings. 

ATU’s holding chain debt restructuring


ATU contained the first-ever Cayman Island pre-pack restructuring. The deal marks a final restructuring and closure for German tyre manufacture ATU after Centerbridge bought the company out of a distressed sale in 2014. What makes the case interesting is that the successful path followed in the restructuring reinforces the strategy of driving an M&A process and securing a buyer before restructuring.

The key innovations in the deal to get to a successful sale were twofold. The ATU holding chain was restructured to facilitate a solvent sale and the rescue of the underlying operating group. Parties used...


 

 

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