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Lending banks support BorsodChem

In a meeting with senior lenders of BorsodChem, which took place in Frankfurt/Germany yesterday, the Senior Steering Committee of the senior syndicate expressed its strong support of the current management of BorsodChem and its expectations that the current management continues to operate BorsodChem after the implementation of the debt restructuring plan.

Permira Funds and Vienna Capital Partners should remain majority shareholders, as was made clear by the banks. They are supportive of the current consensual restructuring proposal, which has already been agreed upon in principle by a majority of the senior syndicate on 6 October.

The meeting was attended by the Banks (RBS, HBOS, Erste, Raiffeisen, K&H, Unicredit/HVB and GE) and representatives from Yantai Wanhua, BorsodChem and Permira. Wolfgang Büchele, CEO of BorsodChem, stated after the successful meeting: “We are very pleased that the senior lenders took a strong supporting position in the meeting. This is a milestone for our restructuring program.

This commitment to the current management team of BorsodChem and the shareholders is a very important step in the process. Whilst Yantai Wanhua might become a minority equity holder, all questions of synergy potentials could be discussed subsequently and could be implemented based on contractual agreements typical in the industry.”