Waberer’s Debt Restructuring

Dentons has advised a syndicate of banks on the deal.

A syndicate of seven banks – composed of Raiffeisen Bank, UniCredit Bank, ING Bank, CIB Bank (member of Intesa Group), Erste Bank, K&H Bank (member of KBC Group) and MKB Bank – and four affiliated leasing companies closed the restructuring of Waberer’s Group’s debts. Waberer’s is the European leader in full truckload transportation.

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.

The cross-border legal team was led by Partner Gergely Horváth (Picture), Head of Dentons’ Banking and Finance and Restructuring groups in Budapest, and also included counsel Tünde Gönczöl for competition aspects, senior associate Gabriella Pataki for insolvency aspects, associate Bence Böszörményi and junior associates Nóra Nagy and Kinga Kovács for financing aspects, and partner Agnieszka Lipska and associate Andrzej Sarnacki for Polish aspects.

Involved fees earner: Bence Boszormenyi – Dentons; Tünde Gönczöl – Dentons; Gergely Horváth – Dentons; Kinga Kovacs – Dentons; Agnieszka Lipska – Dentons; Nora Nagy – Dentons; Gabriella Pataki – Dentons; Andrzej Sarnacki – Dentons;

Law Firms: Dentons;

Clients: CIB Bank; Erste Group Bank AG; ING Bank; K&H Bank; MKB Bank ; Raiffeisen Bank; UniCredit Bank AG;

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Author: Federica Tiefenthaler