Ashurst has advised Endeka Ceramics Holding 1 SLU on its €273 million financial restructuring. The restructuring has been implemented via an English law Scheme of Arrangement, receiving 100% lender support. The restructuring will provide critical time and financial headroom for Endeka to raise new facilities to support the growth and improvement of its businesses.
IVG Immobilien AG, a German real estate company, completed its in-court restructuring of €4.3 billion of debt within a record 13 months after filing for insolvency. IVG entered insolvency when the company’s diverse holders of financial instruments failed to find a consensual deal for the complex capital structure. The restructuring is one of the largest in-court restructurings by debt ever done in Germany, and a landmark deal for the use of a debt-to-equity swap under the application of the new German insolvency regime “ESUG,” which was introduced in 2012.
Weil advised OMERS Private Equity in the recapitalization of Document Technologies Holdings, LLC (DTI). DTI is a provider of legal process outsourcing services in the U.S., with 29 offices nationwide and on-site client services in nearly 70 markets. DTI’s solutions include litigation forensics consulting, electronic discovery hosting, managed review, legal staffing, and risk and compliance services. The Company’s 3,000 employees provide services to over 3,000 corporate and law firm clients.
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has, together with AMA Capital Partners, advised BNP Paribas as lender and facility agent for a syndicate of banks on two ECA-backed loan facilities (supported by The Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-Sure), respectively), in relation to the over US$3 billion global restructuring of ZIM Integrated Shipping Solutions Ltd (“ZIM”).
Linklaters has advised Suzlon Energy Limited, the largest wind turbine supplier in India and the world's fifth largest wind turbine supplier group, on India’s biggest bond restructuring. The deal comprised the restructuring of four series of convertible bonds, which involved the existing bonds being substituted by new US$546,916,000 step-up convertible bonds due 2019, pursuant to a consent solicitation and voluntary substitution.
Ashurst advises Vivarte in connection with its debt and share capital restructuring. On 1 August, the Paris Commercial Court approved the unanimous agreement reached by the 116 creditors of the clothing and shoes retail group for the conversion of €2 billion debt into equity and quasi-equity instruments, the debt value being reduced from €2.8 billion to €800 million.
Clifford Chance has advised the special servicer, Hatfield Philips International, on a restructuring of a EUR 225m real estate loan which was originally granted in 2005 by ABN AMRO to a group of German companies for the acquisition of commercial real estate properties throughout Germany and was subsequently securitized through a CMBS issued by Talisman-6 Finance P.L.C.
Global law firm White & Case LLP is advising the New World Resources group (NWR), the central European hard coal producer, on the restructuring of the its balance sheet via a UK Scheme of Arrangement and a Rights Issue and Placing.
A key milestone in the restructuring was achieved on July 29, with the UK courts granting NWR permission to hold creditors’ meetings where the group’s noteholders can vote on the restructuring.
Shoosmiths has worked with long-standing client, Scanlans Property Management, to recover more than £4m of service charges and ground rent for their clients throughout the UK over the past five years.
The move comes after Scanlans set out to further reduce service charge arrears by passing uncollected amounts to Shoosmiths achieving prompt payments and releasing funds for the upkeep of developments.
A North West based coach company has acquired the intellectual property and manufacturing assets of Bluebird Vehicles. Bluebird entered administration on 2 July 2014 after experiencing a slowdown in trade which resulted in the appointment of administrators and 48 members of staff at the company’s base in Scarborough being made redundant.
Bolton-based Woodall Nicholson Group, which has more than 200 employees and a turnover of £26m, acquired certain assets of the company from the administrators.
Woodall Nicholson managing director Geoff Hudson said: