BBL: groundwork set for the reorganization of the automotive supplier IFA
-Successful negotiation of a restructuring agreement
-BBL accompanied shareholders
Haldensleben, 01.07.2019: On 1 July 2019, the IFA Group announced the successful conclusion of a restructuring agreement and is now in a position to realign itself after economic difficulties – also due to the upheavals in the automotive industry – and to continue its previous restructuring course.
The restructuring agreement concluded at the end of June 2019 was based on a previously reached agreement between the company, its financing partners and promissory note creditors in cooperation with the shareholders, the latter accompanied by ashurst and on the part of BBL by the lawyers Christian Graf Brockdorff, Nicole Riedemann and Martin-Clemens Lang.
At the beginning of 2019, the company had hit the headlines, and after the appointment of a Chief Restructuring Officer, a commissioned restructuring report certified the company’s ability to restructure.
According to its homepage (www.ifa-group.com), the Haldensleben-based group of companies is one of the top 50 German automotive suppliers, especially in the field of drive shafts and joints, and has its own plants in the USA, China and Poland. It generates sales of over EUR 700 million and employs around 3,000 people worldwide.
About BBL Bernsau Brockdorff
For many years BBL has been one of Germany’s leading law firms with a sole focus on restructuring, reorganization and insolvency. With approx. 200 employees and 50 lawyers, the firm is present in over 30 locations throughout Germany and also has an office in London. BBL has extensive experience with restructuring with a focus on crisis prevention and situations threatening the existence of a company. The law firm has vast experience with insolvency proceedings and insolvency under self-administration. The firm’s international network is extensive as a result of BBL’s diverse international projects.