Antolin extends negotiations with bondholders over restructuring plan

✦ Meridian Analysis

Antolin, the Burgos‑based automotive components maker, has entered a second stand‑still extension with the steering committee of its 2028 and 2030 bondholders, giving the parties an additional five weeks – until 25 November – to reach a full consensus on its restructuring plan. The company already secured a refinancing of its bank debt earlier this year, with Santander, BBVA, CaixaBank, Sabadell, Bankinter, HSBC, BNPParibas, Banca March, the ICO and the European Investment Bank agreeing to extend maturities and fund a €220 million revolving facility. The bondholder group, led by Benefit Street Partners, has rejected the draft terms, arguing that the proposed recapitalisation favours the banks; it has also pursued UK court actions to block the plan’s Spanish court approval. Antolin’s advisers are Houlihan Lokey on finance, Gómez‑Acebo & Pombo and Kirkland & Ellis on legal matters, while the banks rely on PJTPartners and A&OShearman, and the bondholders are represented by Alvarez & Marsal, Milbank and Cuatrecasas. Stakeholders will watch whether the extended deadline yields a binding agreement or triggers a compulsory plan under Spanish law. The specific haircut, any new issuance or equity component, and the final approval timetable remain undisclosed, as do the identities of any potential new lenders that might step in if the bondholder committee persists in its opposition.

The Meridian Weekly