RHJ International S.A. - Successful Completion of the Financial Restructuring of the Honsel Group

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Slaughter and May advised RHJ International S.A. ("RHJI") on the financial restructuring of the Honsel group. As part of this complex, multi-jurisdictional restructuring, RHJI invested EUR 50 million into the Honsel group in exchange for a controlling 51% stake in the group. The remaining 49% is held by Honsel’s senior term lenders following a debt-for-equity swap, which resulted in Honsel’s total outstanding secured term debt of approximately EUR 510 million being reduced to EUR 140 million (split into a EUR 110 million senior term loan and a EUR 30 million mezzanine term loan), all of which is held by Honsel’s former senior term lenders. Both RHJI and a number of Honsel’s customers and suppliers have agreed to provide additional liquidity to the Honsel group by way of loans, factoring facilities and sale and leaseback arrangements.

RHJ International S.A. is a diversified holding company listed in Brussels focused on creating long-term value for its shareholders by acquiring and operating businesses.

The principal members of the Slaughter and May team which worked on the restructuring (which was primarily comprised of corporate and finance lawyers) were Rebecca Cousin (partner), Richard Levitt (partner), Helen Griffiths (partner), Richard Jones (associate), Mike Loan (associate), Andrew Salisbury (associate) and Jayne McGlynn (associate)

Belgian, Spanish and Mexican law advice: Jones Day; German law advice: Gleiss Lutz; Luxembourg law advice: Linklaters; Delaware law advice: Varnum; Jersey law advice: Ogier.