The firm has advised HSBC on a debt restructuring and refinancing agreement
Burges Salmon has advised HSBC on an £18.4 million debt restructuring and refinancing agreement with leading UK hostel provider Safestay, consolidating its existing loans into a single five-year banking facility.
This will significantly reduce Safestay’s cost of debt and repay all outstanding convertible loans when they become due.
Dentons has advised automotive parts manufacturer Motorpal on the successful implementation of a pre-pack reorganization. After successful negotiations, approval and implementation of the reorganization plan, the company emerged from insolvency. As a result, the company will save more than 1200 jobs in an economically disadvantaged region of the Czech Republic. The Motorpal case is the first successful pre-pack reorganization in the Czech Republic to obtain the strong support of senior secured lenders.
The Intercos group, a global cosmetic manufacturer, amended the terms of its EUR 120 million senior secured notes by way of a consent solicitation. Concurrently with the consent solicitation, Intercos and the lenders agreed on an amendment of its EUR 80 million credit facility.
Pestalozzi advised the Intercos group as to Swiss law.
McDermott Will & Emery advised Oaktree Capital Management on the realisation of the loan by means of a private sale in cooperation with the insolvency administrators. Through the transaction, FFIRE Immobilienverwaltung AG acquired a portfolio of six office properties throughout Germany.
The Lower Austrian industrial bakery Linauer & Wagner has joined forces with Ankerbrot . The previous owners – Brigitte and Karl Linauer as well as the bakery Wagner BetriebsgmbH & Co KG – sold 65 percent of the company to Ankerbrot AG. The owners were advised by the law firm Baker McKenzie, who will also assist in the upcoming restructuring of the bakery.
On February 17, 2017, the prepackaged plan of reorganization of Roust Corporation which was previously approved by a New York court under Chapter 11 of the US Bankruptcy Code has become effective. The transaction will strengthen Roust Corporation's capitalization by over USD 500 million and deleverage its balance sheet. The transaction has resulted in the reduction of Roust Corporation's existing debt by approximately USD 462 million, plus funding of USD 55 million in new equity capital and the contribution of strategic assets.
A team led by capital market law expert Dr. Mirko Sickinger, Partner at Heuking Kühn Lüer Wojtek's Cologne office and tax law expert Klaus Weinand-Härer from the firm's Frankfurt office, advised bedding manufacturer Gebr. Sanders GmbH & Co. KG, Bramsche, as part of a bond restructuring.
Houthoff Buruma is advising the (public) shareholder of Delta N.V. (Province of Zeeland e.a.) on the restructuring and split of Delta N.V., including nuclear, wholesale, retail and grid operating business.
Houthoff Buruma team included: Jacques Kröner , Marc van Beuge , Bert Verburg , Sjoerd van der Meer , Greetje van Heezik
At the end of December, 2016, LETT was, together with Kromann Reumert, requested to carry out a restructuring of the wind enterprise SSP Technology, which is engaged in the development and production of wind-turbine wings.
8 February 2017
The crisis in SSP Technology began after a long period where the enterprise had suffered huge losses. The acute financial problems began when the enterprise’s Brazilian customer, Tecsis, was unable to make payments to the Danish enterprise.
The complex restructuring of the well-known South African retail group, Edcon, completed yesterday. Weil played a leading role in the restructuring, advising the ad hoc committee of senior secured noteholders which included Franklin Templeton, Brigade, AllianceBernstein and Harvard Management Company.