Milbank Advises Ad Hoc Committee of Noteholders on Restructuring of Standard Profil

Milbank LLP advised an ad hoc committee of noteholders of Standard Profil Automotive GmbH’s EUR 275,000,000 senior secured notes originally due 2026 on the comprehensive financial restructuring of the Standard Profil Group.

Standard Profil Group is a leading Tier-1 automotive supplier specializing in high-value, tailor-made body sealing systems, serving a well-balanced portfolio of global automotive manufacturers.

The lender-led restructuring involved the acquisition of the Standard Profil Group by the noteholders from the incumbent shareholder and a comprehensive reorganization of the Group’s existing liabilities. The reorganization included a partial release of existing liabilities under the senior secured notes and a debt hive-up of the remaining portion through the issuance of new secured notes by a newly incorporated holding company. In addition, certain existing noteholders provided EUR 145,000,000 in new capital, structured as newly issued senior secured notes by Standard Profil GmbH. The transaction was implemented by way of a scheme of arrangement under Part 26 of the UK Companies Act 2006.

The successful restructuring has resulted in a significant deleveraging of the Standard Profil Group, establishing a sustainable long-term capital structure and positioning the company for future growth.

The Milbank team that advised the ad hoc committee comprehensively on the restructuring, financing, corporate, tax and antitrust aspects of the transaction was led by partners Marlene Ruf (Munich) and Mathias Eisen (Frankfurt, both Restructuring) and included partners Moritz Lichtenegger (Antitrust), Thomas Kleinheisterkamp (Tax), Barbara Mayer-Trautmann (Finance, all Munich), Trevor Truman (Capital Markets), Andrej Wolf (Corporate/M&A), Ian Wallace (Restructuring, all London) and Michael Bernhardt (Corporate/M&A, Frankfurt), special counsel Nick Berkeley (Restructuring, London), Alexander Lang (Finance, Munich), Robert Kastl (Restructuring, Frankfurt) and Andrea Eggenstein (Corporate/M&A, Frankfurt) as well as associates Alexander Theisen, Jonas Bonn, Carlo Brunold (all Frankfurt), Gabriel Steinberg, Ryan Edge (both London, all Restructuring), Maria Schweinberger (Capital Markets, New York), Svenja Tauchmann (Frankfurt), Drew MacDonald (London, both Corporate/M&A), Christoph Wolf (Tax), Martin Juhasz, Marlies Zeck (both Antitrust), Anna Hammerich (Finance) and transaction lawyer Aisha Strohal (Antitrust, all Munich).