Magic circle duo take lead on German insolvency
Two magic circle firms have taken lead roles on the bankruptcy of a leading German automotive company. Freshfields Bruckhaus Deringer and Linklaters are advising TMD Friction as the brake pads producer files for insolvency after piling up debts of more than €350m (£300m). Freshfields London-based restructuring and insolvency partner Richard Tett is understood to be advising TMD's lenders, along with finance partners Peter Hall and Lars Westphal, based in London and Hamburg respectively.
December 09, 2008 at 09:30 AM
2 minute read
Two magic circle firms have taken lead roles on the bankruptcy of a leading German automotive company.
Freshfields Bruckhaus Deringer and Linklaters are advising TMD Friction as the brake pads producer files for insolvency after piling up debts of more than €350m (£300m).
Freshfields London-based restructuring and insolvency partner Richard Tett is understood to be advising TMD's lenders, along with finance partners Peter Hall and Lars Westphal, based in London and Hamburg respectively.
The team from Linklaters advising TMD Friction is being led by Frankfurt-based banking partner Sven Schelo, Frankfurt-based corporate and M&A partner Jochen Laufersweiler and London-based banking partner Bruce Bell.
Duesseldorf-based insolvency law boutique Kebekus & Zimmerman has been appointed as insolvency administrators, with a team led by name partner Frank Kebekus.
TMD's debt amounts to €215m (£187m) in first lien debt, €55m (£48m) of second lien debt and €105m (£91m) of mezzanine debt.
Freshfields' Tett said: "TMD is a market-leading company in its field. However, recent conditions in the automotive market have been so tough that, despite the group's quality, these filings could not be averted. I fear that it will not be the last automotive supplier to face these issues."
In October, Tett was also part of Freshfields team advising Bank of England in relation to the bankruptcy of several Icelandic banks.
Freshfields and Linklaters were also both involved on the recent administration of troubled UK retailer Woolworths.
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