Legal Services
Freshfields
Full Credential Description
Freshfields Bruckhaus Deringer advised an ad hoc group of noteholders (AHG) in the consensual restructuring of the Takko Fashion groups financial debt, amounting to €830 million. The Takko Fashion group, a prominent European fashion quality discounter with nearly 2,000 stores across 17 countries, faced significant financial challenges. The restructuring involved a complex transaction that included €510 million in New York law governed high yield notes and approximately €320 million in private debt. The tailored solution provided by Freshfields included a tender and exchange offer along with a consent solicitation, which facilitated a debt-for-equity swap and a debt-for-debt swap. This strategic approach successfully reduced the groups leverage by over €250 million and converted a portion of the groups notes into private debt instruments, extending their maturities to 2026. As a result of this restructuring, the Takko Fashion group is now positioned to continue its growth trajectory with a new long-term capital structure, with the AHG becoming the majority shareholders. The Freshfields team, comprising various partners and associates, led a cross-border, multi-jurisdictional effort to achieve this successful outcome for both the clients and the Takko Fashion group.