| Automotive Supplier WKW.automotive Secures Financing for Restructuring

Automotive Supplier WKW.automotive Secures Financing for Restructuring

 

An important stage win for the automotive supplier WKW.automotive: In the past few months, thanks to a concept for the reorganization of its corporate group this long-established company seated in Wuppertal has convinced the reorganization consultant PWC as well as its financing banks and international credit insurers of the future viability of WKW.automotive.

The participating banks include Commerzbank AG, Deutsche Bank AG and KfW. The financing volume totals EUR 266 million – which motivated the federal state of North Rhine-Westphalia to guarantee a portion of the required loans.

What were the reasons for this development? As a manufacturer of decorative and functional aluminum, plastic and steel components, WKW.automotive serves almost all of the well-known OEMs in Europe and also has two locations in the USA. However, extensive investments over the past two years as well as the general upheavals affecting the industry meant that this automotive supplier found itself in difficult financial circumstances, thus necessitating its restructuring.

Our Haselhorst Associates partner Dr. Jörg Schumacher acted as CRO and supervised the entire restructuring process together with the company’s executive board from mid-2021 onwards. For this experienced restructuring expert, the securing of this financing represents a key milestone in the reorganization of WKW.automotive: “The goal is now to realign the company’s organizational structure in line with the reorganization concept. The first few measures are already underway here,” says Dr. Jörg Schumacher.