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Stahl achieves fully consensual restructuring

04
Mar '10
Stahl, the Netherlands-headquartered speciality chemicals group, has completed its financial restructuring, with unanimous consent from senior, second lien and mezzanine lenders as well as hedge counterparties for its debt-for-equity offering.

Wendel has increased its shareholding from 48 percent to 92 percent, by purchasing Carlyle's shareholding and contributing €60 million, with management, second lien and mezzanine lenders holding the balance.

On restructuring, Stahl's debt has reduced from €350 million to €195 million, while senior lenders have provided a new €25 million working capital facility.

Stahl has experienced a progressive recovery in trading and profitability since 2008, with a particularly strong fourth quarter of 2009 and a promising start to 2010.

The restructuring provides an appropriate capital structure going forward to support continuing investment and growth of the global business.

Stahl provides high quality coatings for leather, flexible and non-flexible substrates, textiles and related products, and produces chemicals and dyes for the processing of leather.

Stahl Holdings bv


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