A combined team from Dechert’s London and Almaty offices has advised the Steering Committee of international creditors of JSC Alliance Bank, a Kazakhstan based bank, in connection with the restructuring of US$1.3 billion of its financial indebtedness.
CMS Hasche Sigle has advised the insolvency administrator in connection with one of the largest bankruptcies of 2014. The firm also provided advice on the associated M&A process to the insolvency administrator, Joachim Exner of Nuremberg-based law firm Beck & Partner. The Scherer & Trier Group was sold to a strategic investor. The transaction with Samvardhana Motherson, an Indian group, offers the prospect of a long-term future for the 2,000 employees of Scherer & Trier.
After two years of negotiations, the APCOA Group amicably implemented its financial restructuring together with creditors and previous owner Eurazeo late last week. The measure reduces the APCOA Group’s debt by more than EUR 440 million and the term of credit facilities by up to six years. EUR 80 million in financing will also be provided for planned growth. Eurazeo will transfer its shares in the APCOA Group to financial creditors.
AllBright client Ningbo Shuanglin Auto Parts Co., Ltd. (Stock Code: 300100.SZ) won China Securities Regulatory Commission’s approval for a major asset restructuring.
Shuanglin, Ltd. will, through issuing shares to designated investors and paying cash, buy 100% ownership of Hubei New Torch Science & Technology Co., Ltd. Shuanglin, Ltd. will raise funds from Shuanglin Group Co., Ltd. and other channels.
The temporary insolvency administrator for Bellarex Personal GmbH is striving to find an investor to acquire the company. The personnel services provider filed for insolvency on 26 September 2014. With an order issued on the same day, the responsible court, Mannheim Local Court, appointed Mr. Rainer Bachert, a restructuring expert and attorney at PLUTA Rechtsanwalts GmbH, as the temporary insolvency administrator.
On 7 November 2014, the Bankruptcy Court in Aalborg issued a bankruptcy order against the company OW Bunker A/S, CVR no. 34 90 01 67, Stigsborgvej 60, 9400 Nørresundby, Denmark.
John Sommer Schmidt, attorney with Gorrissen Federspiel, and Pernille Bigaard, attorney with the law firm Plesner, were appointed by the Bankruptcy Court to act as trustees of the bankrupt company.
Ashurst advised the senior lenders to JOA group (formerly Moliflor Loisirs), the third largest French casino operator and an online gambling operator, on its financial restructuring.
The transaction involved the restructuring of JOA group's capital and debt structure. This was achieved by reducing the debt incurred by JOA group as a result of financing its existing LBO, and providing new money, thus allowing JOA group to finance external growth.
Some of the senior lenders are now the new shareholders of the JOA group.
Macfarlanes acted for Max Two Limited in connection with the successful restructuring of its £100m secured notes used to finance project loans to a portfolio of wind farms in Germany and Portugal.
The restructuring will enable the refinancing of the ten wind farms by their operator, Energiekontor.
The Macfarlanes team was led by finance partner Rachel Kelly.
Freshfields Bruckhaus Deringer has advised an ad-hoc committee of first lien lenders in relation to the £930m restructuring of the PHS group.
Under the restructuring, the lenders have carried out a debt for equity swap implemented pursuant to a scheme of arrangement.
The Freshfields team was led by London finance partners Ryan Beckwith, Sean Lacey and Richard Tett and corporate partner Gareth Stephenson, alongside senior associate James Watson.
Stephenson Harwood LLP played a pivotal role in the restructuring of Monarch Airlines which completed on Friday 24 October 2014. This was a huge restructuring, involving very many different angles as the Group needed to streamline certain operations and relieve itself of a significant part of its debt burden.
Stephenson Harwood acted for the Pension Protection Fund (PPF) to advise in connection with the restructuring of the substantial pension deficit. Absent a solution to this deficit, no third party was prepared to inject funds.