Milbank Advises Lenders on Restructuring of Schur Flexibles

Milbank LLP has comprehensively advised the lenders on the financial restructuring of the Schur Flexibles Group, which will operate under the name adapa in the future.

Schur Flexibles Group, based in Wiener Neudorf, Austria, is a leading provider of sustainable custom packaging solutions for the food, flavor protection, hygiene and pharmaceutical industries. The ‘lender-led’ financial restructuring transaction comprised the takeover of the Schur Flexibles Group by the lenders from the incumbent owners B&C Industrieholding and Lindsay Goldberg and the write-down of up to 75% of the original bank debt. This recapitalisation reduced the group’s leverage to industry levels. In addition, the lenders provided €160 million in fresh capital in two tranches of which €50 million are earmarked for further investments, M&A activities and capital expenditure.

Following the approval of the new ownership structure under the leadership of Apollo Global Management and the related debt haircut by the relevant authorities, the financial restructuring transaction closed on September 28, 2022. This represents a significant milestone on adapa’s path to a successful restructuring.

The Milbank team that advised the lenders comprehensively on the restructuring, financing, corporate and tax aspects of the transaction was led by partners Mathias Eisen (Frankfurt), Karen McMaster and Yushan Ng (London, all Financial Restructuring) and included partners Thomas Kleinheisterkamp (Tax, Munich), Andrej Wolf (Global Corporate), Russell Jacobs (Tax, both London), Barbara Mayer-Trautmann (Finance, Munich), Mona Vaswani (Litigation & Arbitration), John Goldfinch (Alternative Investments, both London), Alexander Rinne (Antitrust, Munich), Russell Kestenbaum (Tax, New York), Thomas Ingenhoven (Finance, Frankfurt), Andrea Hamilton (Antitrust, London), Andrew Walker (Tax, New York), Tom Canning (Litigation & Arbitration), James Warbey (Alternative Investments, both London) and special counsel Jennifer Seipelt (Finance, Munich), Dr. Andrea Eggenstein (Global Corporate, Frankfurt), Alan Rafferty (Tax, London), Nicholas Crossin (Financial Restructuring), Claire Bridcut (Alternative Investments, both London) as well as associates Sarah Levin, Navine Hussain, Ryan Al-Hakim, Justine Erickson, Kushal Bhimjiani (all Financial Restructuring, London), Alexandra Schäfer (Global Corporate, München), Danielle Tullett (Financial Restructuring), Cosmos Fung (Tax, both London), Robert Kastl (Financial Restructuring, Frankfurt), Philipp Engel (European Leveraged/Capital Markets), Timothy Merchant (Global Corporate), Rosy Villar (Litigation & Arbitration, all London), Alexander Theisen (Financial Restructuring, Frankfurt), J. Melchior Raiser (Finance, Munich), Klaudia Mach (Alternative Investments, London), Gerrit Merkel, Sebastian Trompler (both Finance, Frankfurt), Alexander Zyrewitz (Antitrust, Munich), Lara Milione (Finance, Frankfurt), Sandra Feil (Munich), Steven Buschle (Frankfurt), Manuel Bogenreuther (Munich, all Global Corporate), Chris Burke (Alternative Investments, London), Stefanie Gschoßmann (Antitrust, Munich), Linda Mahlangu (Global Leveraged Finance), Mark Padley (Litigation, both London) and transaction lawyer Silvia Lengauer (Finance, Munich).