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.

The transaction involved eight different lenders (including RBS, HSH Nordbank, Citibank and Credit Suisse) and China EXIM, resulting in multiple intercreditor arrangements, amendments to facility covenants and interest and repayment provisions, new security and amendments to existing security.

Danaos, which is headquartered in Greece and listed on the New York Stock Exchange, is one of the world's largest independent owners of modern large-size containerships. The out-of-court restructuring and refinancing of debt improves the capital structure and future growth opportunities for Danaos.

HFW's team included partner Tony Rice, senior associate Aysha El-Kaddah and associate Guy Robson. HFW also worked closely with counsel in Cyprus, Malta, Marshall Islands, Liberia, New York, Panama and Greece.