October 1, 2021: Global law firm Dentons has advised a group of more than 50 promissory note holders on extending the maturity of their existing promissory note loans to the automotive supplier Huf Hülsbeck & Fürst (Huf). The transaction will help ensure the company has access to the financing it needs to develop and grow, and marks the completion of the restructuring of Huf group, which was initiated in 2019. The deal, worth more than €400 million, includes revolving credit facilities and factoring programs in addition to the promissory note loans.
 
Dentons has coordinated the group of more than 50 promissory note holders since the start of the restructuring phase in 2019 - providing ongoing legal advice and representing them in negotiations with the Huf Group and the other financing parties.

Restructuring partner Andreas Ziegenhagen and Banking and Finance partner Dr. Matthias Eggert led the cross-border legal team on the complex deal. The team also included associates Shirin Piroth-Amiri, Mónika Eiselt, partner Richard Fagerer, and senior associate Guy Lotem in Munich; partner Jabier Badiola and Luis Belart in Madrid; partner Mateusz Toczyski and counsel Jaroslaw Beldowski in Warsaw; and partners Rodrigo Vella and Gabriella Maranesi Najjar at Vella Pugliese Buosi e Guidoni Advogados in Sao Paolo.
 
Huf is a leading global automotive supplier of mechanical and electronic locking systems as well as access and authorization systems. Headquartered in Velbert, North Rhine-Westphalia, the family-owned company has locations in Europe, America and Asia. In the fiscal year 2020, Huf generated sales of approximately €1 billion and employed approximately 7,800 people worldwide.