Slaughter and May is advising Seadrill Limited (“Seadrill”) on its restructuring plan to be implemented with prearranged chapter 11 cases.
Seadrill is one of the one of the world’s largest offshore drilling contractors and serves customers around the globe.
Clifford Chance advised a syndicate of five Brazilian lenders – Banco do Brasil S.A., Banco ItauUnibanco, Banco Santander (Brasil) S.A., Banco Bradesco S.A. and Banco Indusval S.A. – in a US$235 million debt restructuring of the Unigel Group, a leading Latin American petrochemical and plastics company ("Unigel").
Orrick is advising Cayman Islands-based offshore drilling contractor Ocean Rig UDW in its comprehensive deleveraging and recapitalization. The company is seeking to implement the transaction pursuant to four interrelated schemes of arrangement in the Cayman Islands. If sanctioned by the Cayman Court, the Company and its Marshall Islands subsidiaries, Drill Rigs Holdings Inc., Drillships Financing Holding Inc. and Drillships Ocean Ventures Inc.
Slaughter and May advised China Power New Energy Development Company Limited (CPNE) and China Power Clean Energy Development Company Limited (CPCE) in relation to their reorganisation proposal, pursuant to which the holding company of the listed group (the Group) was changed from Bermuda-incorporated CPNE to Hong Kong-incorporated CPCE by way of a scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda (as amended) (the Scheme).
Deepwater drilling contractor Seadrill Partners has completed amendments to three secured credit facilities that will insulate it from the restructuring efforts of its parent company, Seadrill Limited.
The amendments to the three facilities remove Seadrill Limited and its consolidated entities as a borrower or guarantor, separate the facilities so that Seadrill Partners’ facilities are secured only by the Seadrill Partners’ assets, and extends the maturities of Seadrill Partners’ facilities by 2.5 years.
On 8 August 2017, the second creditors meeting and capital contributors meeting for the reorganization of Dongbei Special Steel Group Co., Ltd. (hereinafter “Dongbei Special Steel Group”) and its subsidiaries was held, and the draft of the reorganization plan was passed at the meeting by a wide margin.
On 4 August 2017, advised by King & Wood Mallesons (“KWM”), the reorganization plan of Nantong Sinopacific Offshore & Engineering Co., Ltd. (“Sinopacific”) was approved by Jiangsu Qidong People’s Court. Sinopacific resumed full production to celebrate its rebirth.
Slaughter and May have acted as sole legal adviser to Tata Steel on the restructuring of the £13 billion British Steel Pension Scheme through a regulated apportionment arrangement (RAA) with the Trustee, and the contingent creation of a new British Steel Pension Scheme, with the support of the Pensions Regulator and the Pension Protection Fund. This is the largest pension scheme restructuring carried out in the U.K.. Slaughter and May is also advising Tata Steel on its ongoing strategic planning for and restructuring of its European business including recent disposals.
Slaughter and May has advised Premier Oil plc on the successful restructuring of its $3.8 billion of debt facilities.
Premier Oil is one of the UK’s largest independent oil and gas exploration and production companies, with significant interests in the North Sea, as well as holding production assets in Indonesia, Vietnam and Pakistan, and exploration assets in the Falklands and South America.
Gleiss Lutz has advised TSV München von 1860 GmbH & Co KGaA on its successful financial restructuring and the negotiations with its shareholders, sponsors and contracting partners. Thanks to an agreement between the parties involved, its imminent insolvency could be averted, meaning that the tradition-steeped Munich club will continue to be part of the football scene.