Starting news article english 13 May 2013

Clifford Chance advised EDS on successful financial restructuring

Clifford Chance advised Euro-Druckservice ("EDS"), Passau, on its successful financial and corporate restructuring. As a result of the restructuring the debt burden of EDS was reduced considerably and provides the company with a solid basis for its future business activities in all operative units.

The restructuring involved a takeover of EDS by the three major original providers of mezzanine facilities – investment funds who are being advised by LBO France, European Capital and Darby Private Equity – as well as a comprehensive restructuring of existing loan obligations and a debt relief of EDS Group which entailed a reorganization of EDS Group under corporate law.

The existing lenders will continue to support the company and the new shareholders have provided a liquidity facility to be used to finance its future development.

EDS is a leading provider of print services in reel-fed offset and sheet-fed offset. The company has twelve subsidiaries in Germany, Austria, Poland, the Czech Republic and Hungary with its customers being predominantly publishing houses and trade chains.

Led by the Munich office, Clifford Chance has advised EDS Group in Germany and its Eastern European locations since 2007. In the course of the restructuring EDS was assisted by a team from several locations: it included partner Dr. Stefan Sax and counsel Oda Lehmkuhl (both Restructuring, Frankfurt), partner Alexandra Hagelüken, senior associate Gabriel Siebert and associates Adéla Hardmeyer, Maike Täufer and Christian Fortmüller (all Finance, Frankfurt) as well as partner Dr. Nicole Englisch, associate Dr. Jessica Wilckens and senior associate Dr. Maia Welters (all Corporate, Munich). In addition, lawyers from Clifford Chance' office Warsaw, Prague, Bucharest and Luxembourg as well as co-operating law firm Lakatos, Köves & Partners in Budapest worked on the transaction.