Frankfurt - An international Linklaters team advised the UniCredit Bank AG, London, on the restructuring of the financing of TFL, a group specialising in speciality chemicals for the leather industry and having its seat in Weil am Rhein. In the context of this restructuring, the US investment company Black Diamond acquired the majority of shares of the international chemical group. The shares have been held in trust since 2009 after a first restructuring of the existing financing had become necessary. The parties agreed to maintain confidentiality regarding the purchase price which will mostly be paid to the previous lenders.

Since the original financing of TFL in 2007, UniCredit has been acting as agent and security agent for the syndicate of previous lenders. Most recently, Black Diamond was the largest lender within the syndicate and decided to submit its own takeover offer which was accepted by the trustee.

The takeover in this form was made possible by a financing documentation specially geared by the trustee to the sales process and agreed to by the lenders in the context of the required restructuring in 2009. Linklaters advised UniCredit during the entire period of financing and particularly during the takeover process. Apart from Frankfurt, especially Linklaters teams from Paris, Milan, Hong Kong, Argentina, and Brazil were involved in the advice.

Since the first restructuring in 2009 and during the present sales process, UniCredit has been advised by a Linklaters team led by Dr Sven Schelo (Restructuring, Frankfurt). Other team members included Dr Carsten Grave (Partner, Competition/ Antitrust, Dusseldorf), Tobias Klupsch (Managing Associate), Maximilian Bettermann (Associate) (both Restrukturierung, Frankfurt) sowie Dr André Scheidtmann (Associate, Competition/ Antitrust, Dusseldorf).