Mon 07/12/2021 12:43 PM
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Family-owned conglomerate Max Aicher has completed an amend-and-extend deal with its lenders, sources told Reorg. As part of the deal, the company received €30 million in new money from its banks and shareholders. A part of the new money facility comes with a state-backed guarantee, the sources said. Continue reading for our EMEA Core Credit team's reporting on Max Aicher's amend and extend deal, and request a trial for access to reporting and analysis of hundred of other stressed, distressed and performing credits.

Max Aicher worked with GCA Altium, while the lenders were advised by Latham & Watkins, sources added.

The group consists of several individual companies active in steel production, real estate, recycling and construction. All of the companies have individual capital structures. A €30 million bilateral debt instrument connected to the group’s steel business was expected to come to market offered in an 80s context but there has been no sign of the paper yet, sources said. This part of the group has about €200 million of debt in total, the sources added.

In May, Max Aicher sold RohrwerkMaxhütte as well as its subsidiaries Rohrwerk Maxhütte Polska and Rohrwerk Maxhütte Sisak d.o.o. from Max Aicher GmbH & Co. KG and Max Aicher Foundation to private equity company Callista. Some sources suggested the disposal was executed to improve liquidity.

The steel production activities of the group comprise several sites, including Stahlwerke Annahütte in Bavaria and Lech-Stahlwerke near Augsburg. The former produces steel bars and threaded steel. The latter uses steel and iron scrap to produce about a million tons of steel annually. The group is also active in the production of hot rolled steel bar products in North America.

The real estate segment of the group consists of about 2,100 rental apartments as well as the management of other real estate assets such as parking spaces and commercial buildings. Max Aicher is also active in the development of a small selection of residential real estate and commercial real estate projects.

The Max Aicher Recycling business entity operates several scrap yards in Germany for the recycling of metals, while Max Aicher Bau is a construction entity delivering projects such as bridges and other civil structures.

--Aurelia Seidlhofer
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