Ashurst advised Whalsay Energy Limited (formerly Xcite Energy Resources plc) (the 'company') and the liquidators of its parent company, Xcite Energy Limited ('XEL'), on the balance sheet restructuring of the company and the sale of the company by XEL, which completed on 30 June 2017.

The company is the holder of the licence for the Bentley oil field in the North Sea. The buyer, Whalsay Energy Holdings Limited, is a company owned by the holders of senior secured bonds issued by the company in June 2014, in the aggregate amount of approximately $155 million.

[Munich, 2017-07-14] GÖRG Partnerschaft von Rechtsanwälten mbB advised TSV München von 1860 e.V. in the context of its successful creation of TSV München von 1860 GmbH & Co. KGaA.

The restructuring project laid the groundwork for future cooperation between the shareholders of TSV München von 1860 e.V. and HAM International Limited, deferral of shareholder loans and an agreement with FC Bayern München concerning the club’s departure from the Allianz Arena. The main sponsor, “die Bayerische”, helped out with an interim loan.

International law firm Watson Farley & Williams (“WFW“) has advised a syndicate of banks on the restructuring of a €53m bank loan originally granted for the construction and operation of a 22 MW wind plant located in the Sicilian municipalities of Caltanissetta and Marianopoli.

The plant began operations in 2011 and is owned by an SPV controlled by French private equity fund Ardian. The original loan was lent to the SPV in 2010.

DLA Piper has advised the ad hoc committee of bondholders on the international US$3-billion debt restructuring of listed company CGG SA. The deal involved collaboration between DLA Piper offices in Paris, Oslo, London and the US.

Kirkland & Ellis advised the coordinating committee of first lien lenders of Jack Wolfskin GmbH & Co. KGaA on the financial restructuring of the outdoor brand’s EUR 365 million debt. The coordinating committee consisted of Bain Capital Credit, HIG/Bayside Capital and CQS.
 
In the course of the restructuring, a new holding company held by the first lien lenders will take over the Jack Wolfskin Group and the Group's liabilities will be restructured. The consensual restructuring was approved by all parties involved.
 

International law firm Simmons & Simmons has supported Propex Fabrics in its restructuring in Europe, with complex work undertaken by a cross practice team.
The firm also provided financial and tax advice for the private equity funding by Wayzata Investment Partners.

The Taylor Maxwell Group is one of the UK's leading brick and timber distributors with 18 branches nationwide and a turnover now in excess of £175 million

Burges Salmon has advised Taylor Maxwell Group on its corporate restructuring.

LONDON, June 28, 2017 – Milbank, Tweed, Hadley & McCloy LLP has represented the largest lender in connection with the successfully completed $750 million PIK loan restructuring of Algeco Scotsman, a leading global business services provider of modular space, secure storage solutions and remote accommodations. The restructuring was implemented pursuant to an English scheme of arrangement following an earlier consent solicitation and exchange offer. 

CMS’ restructuring team has advised Hoover Limited on a major pensions related restructuring, implemented via a rarely used “regulated apportionment arrangement”. 

The deal, agreed by the pensions creditors and cleared by the Pensions Regulator, has released Hoover from a pension scheme liability of more than £0.5 billion. 

The pension scheme, which has circa 7,500 members, has entered an assessment period for entry into the pensions lifeboat - the Pension Protection Fund. 

Ashurst advised Bank of Cyprus on the successful restructuring of €300m of debts owed by the Louis Group which owns and operates hotels in Cyprus and Greece. The deal was the culmination of more than two years of negotiation between six Cypriot banks, fifty-two companies in the Group (including one company that is listed on the Nicosia Stock Exchange) and other stakeholders. It is understood that this multi-bank approach based on complex, syndicate-style documentation is the first of its kind in Cyprus.