Kirkland & Ellis advised an ad-hoc group of noteholders on the successful financial restructuring and recapitalization of Metalcorp Group S.A. (“Metalcorp”) and Ferralum Metals Group S.à r.l. (“Ferralum”). The transaction addressed Metalcorp’s €300 million senior notes due 2026 and €70 million senior notes due 2023 and resulted in €66 million of notes debt being transferred to Ferralum. Ferralum bundles the aluminum and bulk and ferrous businesses formerly belonging to Metalcorp, which had previously been carved-out from the Metalcorp group by way of a management buyout. The recapitalization followed a consent solicitation under the German Bond Act (SchVG) and a subscription offer combined with an automatic exchange into new instruments issued by Ferralum and Metalcorp. The Kirkland team was led by restructuring associate Michael Berger and restructuring partner Leo Plank and Cristina Weidner and comprised capital markets partners Siegfried M. Büttner and Tim Volkheimer; debt finance partner Fabrice Hipp as well as restructuring associate Paul Päfgen; and debt finance associate Deena Smith.