Global law firm White & Case LLP has advised Jefferies and its affiliates in connection with a recapitalization of Klöckner Pentaplast, one of the world’s largest suppliers of plastic films and the provision of approximately €630 million of new debt facilities provided by Jefferies to fund the prepayment of existing senior facilities of Klöckner Pentaplast as part of the recapitalization.
Following competing proposals from each of the existing senior and second lien lenders to Klöckner Pentaplast, the recapitalization ultimately saw the existing first lien senior secured credit facilities being repaid at par and ownership of the company transferred to a second lien investor group following enforcement of a Luxembourg Share Pledge.
“Timing and coordination were crucial on this transaction,” said White & Case partner R. Jake Mincemoyer. “Given the threat of a potential competing enforcement process, it was imperative that our US, UK and German bank finance, high yield and restructuring teams work together seamlessly to successfully execute this complex cross border deal within an extremely tight time frame.”
The White & Case team, led by partners R. Jake Mincemoyer (London), Rob Mathews (London), David Bilkis (New York) and Stephen Phillips (London), was composed of members of our Banking, High Yield and Restructuring groups resident in London, New York and Germany, including partners Dr. Kai-Michael Hingst (Hamburg), Leïla M. Röder (Munich), James Black (Frankfurt), local partner Matthias Bochum (Hamburg), and lead associates Judah Frogel (New York), Simon Ngu (London), Wesley Budler (London), Veit Sahfeld (Hamburg) and Carsten Loesing (Hamburg).
