On Friday, May 5, 2017, the creditors agreed to the insolvency plan submitted jointly by VfR Aalen (Verein für Rasenspiele 1921 e.V. Aalen), represented by Heuking Kühn Lüer Wojtek, and the insolvency administrator Dr. Holger Leichtle of Schultze & Braun at the deliberation and coordination hearing scheduled and held by Aalen insolvency court.
 
This means that VfR Aalen’s self-administered reorganization has been successful.
 

Haavind has advised the French leading geoscience company CGG with all aspects of its Marine fleet restructuring in Norway, including the establishment of a joint venture with its longstanding partner Eidesvik Offshore ASA.

The main purpose of the comprehensive restructuring by CGG was to establish a new ship owning joint venture structure, including a holding company and two ship owning entities comprising in total seven seismic vessels. The successful restructuring required considerable corporate reorganisations both within and outside the current structure.

Gide has advised CNP on reorganising the capital of Holding d’Infrastructures de Transports (HIT), an investment vehicle controlling 100% of French motorway company Sanef that operates over 2,000 km of motorways in Normandy and the north and east of France.

In a series of operations worth two billion euros overall, Spanish group Abertis has bought up all shares of minority stakeholders, first from Caisse des Dépôts et Consignations, then Axa République, and lastly Prédica, FFP and CNP.

Linklaters has advised the Spanish renewable energy company Abengoa, S.A. on the largest ever restructuring by a Spanish corporate, and one of the largest and most complex global financial restructurings to date.

Gowling WLG's investment funds team acted for Aberdeen Frontier Markets Investment Company Limited ("Aberdeen Frontiers") on a restructuring of the £130 million AIM listed investment fund.

On 19 April 2017, Rickmers Holding AG agreed a term sheet for the restructuring of key financial liabilities of the Rickmers Group. The term sheet is still subject to corporate approvals of the creditors and contingent on the restructuring of the corporate bond in the amount of EUR 275 million. The envisaged restructuring is to enable the reorganisation of the Rickmers Group on the basis of contributions from all relevant stakeholders.

Baker McKenzie acted for our long-standing client, ASX listed Emeco Holdings Limited (EHL), on its recapitalisation and its merger with Andy's Earthmovers and Orionstone which completed on 31 March 2017.

The recapitalisation was undertaken by means of a court sanctioned creditors' scheme of arrangement under section 411 of the Australian Corporations Act in relation to Emeco's US$280m senior secured 2019 notes. This is only the second scheme of arrangement undertaken in relation to 144A notes by an Australian company and the first since 2003.

Dentons is pleased to have advised the UK's Financial Services Compensation Scheme (FSCS) on its recovery of £10.9 billion following the £11.8 billion sale by the UK Treasury of a portfolio of mortgages from nationalised British bank Bradford & Bingley to private equity firm Blackstone and insurer Prudential.  The sale represented one of the largest government asset sales in Europe and has enabled the FSCS to recoup a significant portion of the money it was owed following the nationalisation of Bradford & Bingley during the 2008 financial crisis. 

Metinvest, a global group of steel and mining companies, completed the restructuring of USD 2.3 billion in financial debt. Pestalozzi advised Metinvest on all Swiss law and tax aspects.