LKT Provides Hungarian Counsel in Landmark Cross-Border Recapitalization of Accell Group

Lakatos, Köves and Partners acting as Hungarian counsel has advised KKR and a large group of senior lenders on the successful restructuring and recapitalization of KKR-controlled Accell Group, a European market-leading producer of e-bikes, bicycle parts and accessories. The transaction resulted in the reduction of Accell Group’s previous c. €1.5 billion liabilities, with options to participate in a super senior facility and amendments to stabilize and support a strengthened capital structure for Accell Group.

Our work extended to multiple aspects of this complex deal, including regulatory, FDI and transaction advice in connection with the interim, long-term financing and restructuring of ACCELL Group's debts under an English law scheme of arrangement. We also advised on the implementation of the complex intercreditor arrangements and securing of liabilities by Hungarian assets and receivables, including real estate.

LKT relied on its substantial transaction and regulatory experience with cross-border restructuring and recapitalization deals, and has gained unique insight and practice in connection with giving successful and complex FDI advice to an unprecedented number of creditors, including financial institutions, private equity, asset management companies and intragroup investors.

The team was led by partner John Fenemore and included associate Nóra Kertai and trainee lawyers Sára Anna Nagy and Bianka Makovics.

Milbank LLP as lead counsel advised senior lenders, Simpson-Thatcher & Bartlett LLP advised KKR.