Squire Patton Boggs is advising Cove House on the recently announced AUD $93 million recapitalisation of Compass Resources. This complicated cross-border transaction involves the provision of AUD $11 million via a convertible note, the acquisition of AUD $35 million of debt from Hunan Nonferrous Metals Corporation (HNC) and the acquisition from HNC of a 50% interest in the Browns Joint Venture, together with the restructuring into convertible notes of AUD $47 million of debt in Compass Resources.

The Squire Patton Boggs team acting for Cove House is being led by Corporate partners Michelle Segaert and Simon Rear, assisted by Chris Rosario, Fiona Meaton and Remi Kelly.  Partner John Poulsen, with the support of Tracey Wong and Gemma Ellis, is providing financial advice, with Louise Boyce advising on tax matters.

Simon Rear commented: “It was a pleasure advising Cove House on this very complicated recapitalisation and restructure, which involved extensive negotations on the inter-creditor arrangements, and we look forward to satisfying the conditions to closing and to give Compass Resources the opportunity to achieve its goals.”

Murcia Pestell Hillard acted for Compass Resources and Allens acted for HNC.