Norton Rose Fulbright has advised Italian-based company Tenova S.p.A. (“Tenova”) on the reorganisation of its German business. The Norton Rose Fulbright team provided German tax, corporate and employment law advice in relation to the reorganisation in addition to advising on Italian tax law aspects of matter as well as change of control aspects for some of the impacted non-German subsidiaries.
Nabarro has advised foreign exchange broker, LQD Markets (UK) Limited, on its entry into special administration following difficulties related to the Swiss National Bank’s decision to abandon the ceiling on the exchange rate between the Swiss Franc and the Euro.
The company entered into special administration by court order made at 12.04pm on 2 February 2015. The appointed special administrators are Matthew Haw, Matthew Wild and Graham Bushby of Baker Tilly Restructuring & Recovery.
Ashurst advised HSBC, Lloyds, Société Générale and Unicredit on the £535 million (equivalent) recapitalisation of Host Europe Group (HEG) following its acquisition of the German headquartered web hosting supplier Intergenia. HEG is a portfolio company of private equity investor Cinven. The revised capital structure comprises upsized senior facilities and new euro and sterling second lien facilities.
Bird & Bird LLP advised the Irish based medical device company Bio-Medical Research Ltd on both the restructuring of its wholly owned German subsidiary, Bio-Medical Research GmbH, and on the subsequent sale of all shares in this subsidiary to Germany based company Schwa-Medico Group.
USD850 million of Eitzen Chemical Group's bank and bond debt is converted to equity in Eitzen Chemical. The company's lenders will after the restructuring own 98%of the shares.
In connection with the restructuring a significant change in the group's corporate structure has been implemented.
Wikborg Rein was engaged as a advisors to Eitzen Chemical in the process.
Transaction Team
Andreas Kildal
Are Zachariassen
Henrik Hagberg
Siri Wennevik
June Ho
Thommessen has assisted key creditors and others in connection with the restructuring of Eitzen Chemical. 850 million dollars worth of bank and bond debt have been converted into equity. The former creditors now own 98 percent of the shares in the company. Eitzen Chemical has also entered into new loan agreements, and an extensive reorganisation process of the corporation has been initiated. The reorganisation entails reflagging of ships and relocating parts of the business to Bermuda. Eitzen Chemical is also changing its name to Team Tankers International Ltd.
Eitzen Chemical ASA has entered into a plan support agreement (the "PSA") with the majority of both its banks and bondholders and its largest shareholder for the financial restructuring of its debt.
The PSA would result in the Company converting approximately USD 850 million of bank and bond debt on the Company's balance sheet, and repays approximately USD 46 million. Following conversion of the bank and bond debt, the holders of the converted debt will own 98 per cent of the outstanding shares of the Company.
DLA Piper has advised the National Asset Management Agency ('NAMA') and Duff & Phelps in relation to the restructuring and sale of a group of five property owning companies to Starwood Capital Group.
The five companies, namely Aparthotels (Bermondsey) Limited, Aparthotels (Tower Bridge) Limited, Mazey Properties Limited, Tower Bridge Road Developments Limited and Warwick Road Developments Limited, were placed into administration on 22 October 2013.
White & Case LLP has advised the lenders on the financial and capital restructuring of the 5àsec Group, the worldwide leader in textile care services, with Geneva-based private equity firm Rive Private Investment acquiring a stake in the business alongside independent investment fund Capzanine and investment adviser IFE Mezzanine.
Dentons advised Bank Polska Kasa Opieki, Bank Handlowy w Warszawie, mBank and ING Bank Slaski on the restructuring and increase of the amount of the PLN 495 million (approx. US$147 million) multipurpose financing to Inter Cars S.A. The amount of financing has been increased up to PLN 550 million (approx. US$163 million).
Inter Cars are the biggest automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe.