Ashurst is advising Archer Limited ('Archer'), a global oilfield services company listed on the Oslo Børs, on its financial restructuring effected by means of a Bermudian scheme of arrangement. The 'amend and extend scheme' was supported by approximately 94% in value of the scheme creditors and was sanctioned by the Supreme Court of Bermuda on 16 June 2017.
Freshfields Bruckhaus Deringer LLP ('Freshfields') has announced that the firm is advising Alitalia on its US restructuring. The Italian airline sought Chapter 15 protection in US Bankruptcy Court in New York on June 13, 2017.
Court papers filed show that Alitalia’s US operations account for approximately 30 percent of its total revenue. Italy’s government has agreed to provide $673 million in emergency financing to keep the airline operating while it searches to find a buyer. Alitalia filed for bankruptcy in Italy last month.
Watson Farley & Williams (“WFW”) has advised leading international energy fund Platina Partners LLP (“Platina”) on the restructuring of its Tagoro Energías Renovables photovoltaic plant. The plant has a total installed capacity of 9.4 MW and is located in Arico, Canary Islands, Spain. The plant was financed by a consortium of lenders including Banco Santander.
The restructuring ensures the project’s long-term viability under the current Spanish renewables regulatory framework and strengthens Platina’s Spanish operations.
Gowling WLG's Investment Funds team has acted for long standing client, London and St Lawrence Investment Company PLC ("London and St Lawrence"), on recommended proposals for a scheme of reconstruction and voluntary winding-up.
Under the proposals, shareholders in London and St Lawrence were offered a "roll-over" into units in the Practical Investment Fund or a cash exit at net asset value (NAV) in conjunction with the voluntary winding-up of London and St Lawrence under Section 110 of the Insolvency Act 1986.
Egorov Puginsky Afanasiev and Partners has acted as legal advisor to the special committee on the rights of Russian bondholders in the international debt restructuring of the Roust Corporation, which the firm describes as "one of the largest producers of vodka in the world."
The CGG group announced, on 2 June 2017, that it has reached an agreement in principle with its main creditors and one of its institutional shareholders with respect to a financial restructuring plan which must be finalized and implemented in connection with a safeguard procedure opened towards its holding, CGG SA.
London — Mayer Brown lawyers advised the Pension Protection Fund (PPF) on the settlement of the Hoover Pension Scheme’s defined benefit deficit by way of a Regulated Apportionment Arrangement, which was approved by the Pensions Regulator, and the associated corporate transaction.
The Scheme is expected to enter an assessment period and then the PPF, meaning the PPF will take on the Scheme’s assets and liabilities and provide the Scheme’s 7,800 members with compensation.
Ince & Co Germany has advised Hapag-Lloyd AG, together with Allen & Overy, Frankfurt, in the restructuring of all ship and container financing of UASC, including tax lease arrangements in relation to Hapag-Lloyd’s merger with UASC.
International law firm Simmons & Simmons has, together with Rex Bionics company secretary, Keith Robinson, of Sherrards Solicitors, advised Rex Bionics Plc (the “Company”), the pioneer of the REX Robot technology that enhances the mobility of wheelchair users, on a major restructuring of its group. This has permitted an initial investment of AUD7.5m (approximately £4.4m) and a new development agreement.
Clifford Chance advised CACEIS, the asset servicing bank of the Crédit Agricole group and one of the leading depositary bank and funds administrator in Europe, with the restructuring of its European activities. This simplification of the CACEIS banking group structure has been carried out through the cross-border mergers of CACEIS Bank Luxembourg and CACEIS Bank Germany into CACEIS Bank France.