Clearwater International acted as sole financial adviser to the administrators of T&N Limited, a company within the Federal-Mogul UK Group of Companies (in administration), on it’s sale of €723m of loan notes to Federal-Mogul Corporation and Federal Mogul (Continental European Operations) Limited.
FMC filed for protection under Chapter 11 on 1 October 2001. Subsequently, partners in Kroll were appointed Administrators of FMC´s UK Group of Companies, including T&N Limited, the owner of the loan notes due from FMC´s subsidiaries in Germany, France and Italy.
The transaction follows a previously agreed and announced sale of the loan notes to Deutsche Bank for €350m. The deal with FMC and Federal Mogul (Continental European Operations) Limited involves the payment of a break fee to Deutsche Bank.
This complex assignment, involved the valuation of Federal-Mogul’s German, French and Italian businesses with aggregate sales of more than €1.9bn.
Clearwater International, led by partners Ralph Schmücking and Tobias Schätzmüller, advised Kroll