The firm’s corporate team is advising leading IT services developer SCISYS on its proposed restructuring to introduce a new parent company incorporated in Ireland.
Burges Salmon is advising its long-standing client SCISYS Group on its restructuring to introduce an Irish parent company.
International law firm Ashurst advised Overgom on its restructuring through a concordato preventivo procedure (similar to the US Chapter 11), which received the final approval by the court of Turin on 27 September 2018. The overall debt of the company is approximately €30 million. Overgom is a leading tire distributor and wholesaler in Italy and across Europe.
The concordato proposal, which was filed as a going concern and provides for the full payment of secured creditors, obtained a broad consensus from the creditors reaching the 87.6% threshold of favorable votes.
On 27 September 2018, BAIC BluePark New Energy Technology Co., Ltd. (“BAIC BluePark”) completed the split share reform and major assets restructuring of Chengdu Qianfeng Electronics Co., Ltd., one of the last two split-share structured companies in China’s A-share market. Since the launch of its non-tradable share reform program in January 2007, Qianfeng had been proceeding with the reform for more than a decade.
London—Dentons has advised Chris Iacovides and Andri Antoniou (of CRI Group), the joint liquidators of Mriya Agro Holding Public Limited (in liquidation in Cyprus), in relation to the successful debt restructuring of this substantial Ukrainian agro-industrial group.
Global law firm White & Case LLP has advised the ad-hoc group of secured creditors of Concordia International Corp. (Concordia) on its US$3.7 billion recapitalization.
International law firm Berwin Leighton Paisner (BLP)* have advised 3W Power S.A. on the development, coordination and implementation of its comprehensive balance-sheet restructuring. The restructuring process lasted 13 months and was successfully completed this week with the effective notarial acknowledgement of the company’s cash increase and amendments to the super senior financing documents.
Kirkland & Ellis represented a committee of secured lenders to Danaos Corporation (NYSE:DAC), one of the world's largest independent owners of container ships, headquartered in Greece, in relation to its financial restructuring.
On 13 August 2018 Danaos announced it had reached a consensual agreement with its creditors to restructure $2.2 billion of its liabilities to reduce its total debt by $551 million.
Global, sector-focused law firm HFW has advised The Royal Bank of Scotland plc and NatWest Markets plc in connection with the US$2.2 billion debt restructuring of Danaos Corporation and its subsidiaries.
HFW advised RBS and NatWest on the maritime, finance and security aspects of the restructuring, working together with Sullivan & Cromwell, which advised RBS on the restructuring, U.S. Chapter 11 and debt-for-equity aspects of the transaction, in which certain lenders became shareholders in Danaos.
Groundbreaking transaction reduces Mriya’s total debt by US$790.5 million.
Watson Farley & Williams (“WFW”) advised Danaos Corporation (“Danaos”), a leading international owner of container ships, on the comprehensive restructuring and refinancing of its US$2.2bn debt maturing 31 December 2018 with certain of its lenders including Citibank, Credit Suisse, HSH Nordbank and RBS.