Finance and insolvency specialist Terry Green led Clyde & Co's UK team in advising Indian chemicals and pharmaceuticals company Southern Petrochemicals Industries Corporation (SPIC) on a high profile, complex debt restructuring deal worth around US$ 1billion.

The deal is the first of its kind in India, and includes all secured and non-secured creditors in a one-time settlement approved by both the Madras High Court and the Securities and Exchange Board of India. As part of the restructuring deal, promoters in SPIC and its group companies were permitted to increase their investment in SPIC and its group companies beyond the limits allowed under India's 2011 Takeover Code, itself a landmark document in India's growing M&A and capital markets. The process also saw significant delisting and divestment of group assets and entities to make funds available for creditors.

Terry Green was instrumental in co-ordinating the cross-border transaction, which also included strategy advice and assistance with creditor meetings, and gaining court approval for amendments to the initial scheme.  Clasis Law partner Sakate Khaitan and senior associates Radkhika Iyer and Sangita Jhunjhunwala managed the Indian aspects of the transaction.