One of the biggest bondholder-led restructurings for more than a year has gifted roles to a quartet of leading firms.

Allen & Overy (A&O) is advising German vehicle parts company Schefenacker on its €420m (£281m) restructuring, while Cadwalader Wickersham & Taft, Bingham McCutchen and Freshfields Bruckhaus Deringer are advising the creditors.

The restructuring sees A&O, led by restructuring and insolvency partner David Frauman, advising Schefenacker, which is attempting to reach a restructuring agreement with a range of creditors, including London hedge funds, pension funds and German retail investors.