Gleiss Lutz advises lenders of OQ Chemicals on German law in recapitalisation

Gleiss Lutz has advised the ad hoc group of lenders to the OQ Chemicals Group, one of the world’s largest suppliers of oxo chemicals, on the German-law aspects of the Group’s holistic recapitalisation, and amendment of its credit facilities. 

The transaction closed on 8 April 2025, with certain lenders becoming the new shareholders of the Group following a partial equitisation of their loans and injection of new equity. The lenders under the Group’s senior credit facilities have also amended and extended their loans. The transaction was implemented consensually, following overwhelming support from the Group’s lenders.

The OQ Chemicals Group, which will reinstate its former name, Oxea, is a global manufacturer of Oxo Intermediates and Oxo Performance Chemicals such as alcohols, polyols, carboxylic acids, specialty esters and amines. It employs more than 1,400 people worldwide and markets its chemicals in more than 60 countries. 

An Akin Gump LLP team has advised the ad hoc group of lenders on US and UK law.

The following Gleiss Lutz team has advised the ad hoc group of lenders to OQ Chemicals on German law: Dr. Kai Birke (lead, partner, Banking & Finance, Frankfurt/London, PICTURED), Dr. Andreas Spahlinger (partner, Restructuring, Stuttgart), Dr. Stefan Mayer (partner, Tax), Dr. Jan-Alexander Lange (Counsel), Dr. Marcel Beck (both Banking & Finance), Dr. Leonhard Kornwachs (Tax, all Frankfurt).