Ince & Co’s London and Hamburg business and finance teams worked with global investment banking firm Jefferies LLC in advising a group of major shipowners with vessels on long-term charter to Israeli box line ZIM on its US$3 billion restructuring.
Clifford Chance has advised the Mercator Group on the successful implementation of its EUR 1.1 billion financial restructuring. The Mercator Group (listing: MELR.LJ) is a leading supermarket and consumer goods chain with over 1,585 stores spread across Slovenia, Bosnia and Herzegovina, Croatia, Montenegro, Republic of Srpska and Serbia. With sales of approx. EUR 3 billion and employing over 20,000 people, Mercator is one of the largest corporate groups in South Eastern Europe.
Ashurst advised finance investor Triton on the reorganisation of old liabilities of its portfolio company Stabilus. The reorganisation took place prior to the automotive supplier's IPO on 23 May 2014.
The IPO, comprising a capital increase by Stabilus as well as the sale of existing shares by Triton, was the largest in Germany so far this year raising €261 million. The shares were primarily acquired by institutional investors. Stabilus intends to use the proceeds from the capital increase to partially repay a high yield bond issued in 2013.
Davis Polk is advising James River Coal Company (“James River”) in connection with its restructuring under Chapter 11 of the Bankruptcy Code and a related $110 million debtor in possession (DIP) financing facility. James River and all of its 33 wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia (Richmond Division) on April 7, 2014.
DLA Piper has advised AIM listed Tawa plc, renamed Pro Global Insurance Solutions plc ("PLC"), on the significant reorganisation of its operations culminating in the demerger of its risk carrier business.
International law firm Holman Fenwick Willan (HFW) recently advised Pennsylvania National Mutual Casualty Insurance Company (Penn National), a property-casualty mutual insurance company, incorporated and headquartered in Harrisburg, Pennsylvania, in relation to the proposed reorganisation and reduction of capital of AIM-traded Tawa Plc (Tawa) and demerger of its risk carrier business.
Ashurst advised Luxembourg-based 3W Power S.A., the holding company of Dutch AEG Power Solutions B.V. (AEG PS), on an agreement with major creditors of its €100 million corporate bond on essential economic principles of financial restructuring. The agreement is subject to approval required from the upcoming bondholders' meeting to be held on Monday, 9 April 2014, in Frankfurt am Main.
DLA Piper's Restructuring group is advising the administrators of AIM listed group, Albemarle & Bond Holdings plc and its subsidiaries, Albemarle & Bond Jewellers and Pawnbrokers Ltd and Herbert Brown & Son Ltd.
The team, led by partners Sarah Coucher and Lorinda Peasland, alongside Neil Riley, Sarah Groundwater, Marc Hecht and Zoe Stembridge have been appointed to act for administrators Mike Jervis, Peter Dickens, Toby Underwood and Stuart Maddison of PwC.
On February 3, GMX Resources Inc., an oil and gas exploration and production company with assets in North Dakota, Montana, Wyoming and Texas, successfully completed its reorganization and emerged from Chapter 11 protection. GMX filed for Chapter 11 relief in April 2013 in the United States Bankruptcy Court for the Western District of Oklahoma and its plan of reorganization was confirmed on January 22.
Ashurst advised the Winoa group's lenders, a world leading steel abrasive company, on its acquisition from existing majority shareholder LBO France.
The acquisition enabled a recapitalisation of the group through a significant reduction in its debt and the provision of new money. Bennett, Davidson Kempner and KKR became shareholders with a 85 per cent stake.