Schoenherr advised Österreichische Volksbanken-Aktiengesellschaft (ÖVAG) in the restructuring of the Volksbanken sector (“Verbund”) and the continuation of ÖVAG as a run-down entity based on the new run-down regime under Austria’s newly implemented Federal Act on the Recovery and Resolution of Banks (BaSAG).
The oldest press manufacturer worldwide, the listed company Koenig & Bauer AG (KBA), has changed its legal and management structure following a large-scale restructuring programme. The parent company Koenig & Bauer AG was converted into a management holding after spinning-off four operating subsidiaries. King & Wood Mallesons (KWM) advised KBA on this restructuring.
A team of HFW lawyers from Singapore and Paris, led by Partners Brian Gordon, Chris Swart and Robert Follie has advised the Government of Niger on a sovereign debt workout in relation to a 20-year old debt to the Taiwanese Export-Import Bank of the Republic of China.
The debt restructuring deal saw the total owed reduced from US$183 million to US$20 million and required an immediate payment by the Government of Niger of US$5 million. The remaining US$15 million is payable over the next 20 years.
A cross-practice London Restructuring and Structured Finance team from Weil, Gotshal & Manges has advised long-standing global client Barclays Bank on the restructuring of the General Healthcare Group ("GHG"), which trades as BMI Healthcare. With over £1.5 billion of debt, a wide array of divergent stakeholders and fluctuating market valuations, this restructuring commenced in 2013 with Weil fielding a team drawn from its Structured Finance, Restructuring, Real Estate and Dispute Resolution practices. The restructuring closed on 29 May 2015.
King & Wood Mallesons has acted as deal counsel for an international consortium of China Travel Financial Holdings Co., Limited (CTS), Pepper Australia Pty Ltd (Pepper) and York Capital Management Global Advisors, LLC (York) in their acquisition of PrimeCredit Limited and Shenzhen PrimeCredit Limited (together, PrimeCredit) from Standard Chartered Bank, and the simultaneous reorganisation and financing of those entities.
Avanquest, a listed company on Euronext Paris, is a market leader in software editing, photo editing and connected devices management. With €100 million in annual turnover, the Avanquest Group recently announced an indebtedness restructuring plan and an important market operation. Facing a €24 million indebtedness repayment, it was a necessity for the group to restructure its maturing debt.
Slaughter and May advised Peter Cullum and Andy Homer in connection with the restructuring of Towergate, one of the UK’s leading insurance intermediaries. Peter Cullum was the founder of Towergate.
Schoenherr is assisting Heta Asset Resolution (HETA) in the preparation of the first European resolution pursuant to the European framework for the recovery and resolution of credit institutions on the basis of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions (BRRD). The BRRD was implemented in Austria by the Austrian Banking Restructuring and Resolution Act (BaSAG), which became effective only on 1 January 2015.
Roschier represents Elektrobit Oyj in the planned demerger and listing of Elektrobit’s Wireless Business Segment. In the demerger, the assets and liabilities related to Elektrobit's Wireless Business Segment will be transferred to Bittium Corporation, an entity to be newly established in the partial demerger. Bittium will be listed on the Nasdaq Helsinki. The planned demerger was announced on 19 February. The planned effective date for the demerger is 30 June 2015.
Ashurst advised the ad hoc committee of bondholders in connection with the recapitalisation of Petropavlovsk PLC, one of the Russia's leading gold mining groups with total group financial indebtedness of bank and bond debt of over $1 billion.
The recapitalisation includes a new five-year $100 million convertible bond and a $235.4 million rights issue, underwritten in cash and debt by the bondholders and in cash by the founding shareholders.