European Representations

Our financial restructuring lawyers in Europe have played leading roles acting for groups of bondholders, noteholders and mezzanine lenders in the largest and most complex international restructurings around the world, many of which have broken new ground, from our representation of bondholders in the benchmark Marconi restructuring in 2002 – 2003, to the resolution of the Icelandic banks’ bond obligations from the banks’ collapse in 2008 to a consensual solution for all three banks in 2016. Focusing principally on restructurings and debt or equity financings for troubled companies, we have extensive experience with the issues faced in restructurings of complex corporate debt and structured finance arrangements.

Our recent experience includes advising:

• the ad hoc group of bondholders and noteholders on the financial restructuring of Afren Plc, a FTSE 250 company with assets throughout Africa and the Middle East
• the ad hoc committee of bondholders on the financial difficulties of African Minerals Limited, a minerals exploration, development and mining company with significant interests in Sierra Leone
• the largest murabaha creditor of Arcapita Group Holdings Limited, a Bahrain-based private equity bank, which has recently entered Chapter 11 proceedings
• the joint provisional liquidators of ARM Asset Backed Securities S.A., a Luxembourg securitisation vehicle in relation to legal issues arising from their dealings with a wide range of stakeholders
• the bondholders on the financial restructuring of Bassdrill Alpha, a Bermudian parented owner of a tender assist barge
• Brunswick Rail Limited on its US$600m bond restructuring
• the ad hoc committee of mezzanine lenders on the €1.6 billion financial restructuring of Bulgarian Telecommunications Co. AD/Vivacom,a Bulgarian telecoms company
• the administrators of Comet Group Limited, the UK’s second largest electronics retailer generating sales from 235 leasehold retail stores, several online sales platforms and business-to-business activities.
• the lender on the financial restructuring of Cory Environmental Limited, one of the UK's leading resource management, recycling and energy recovery companies
• the sole lender on the €486 million refinancing of the Centre Parcs Europe Group, owner of seven leisure parks in Belgium, the Netherlands and Germany
• the private placement noteholders on the financial restructuring of the only two remaining divisions of Connaught plc, the UK’s leading integrated service provider
• the ad hoc committee of bondholders on the €358 million financial restructuring of Damovo Group, an international IT consultancy
• the bondholders on the financial restructuring of Dannemora Minerals AB, a Swedish mining and exploration company. Total pre-restructuring bond debt is approximately US$ 140 million.
• the bondholders on the restructuring of Deep Sea Metro Ltd. with respect to Golden Closeand Chloe, two high-spec sixth generation ultra-deepwater drillships
• the ad hoc group of subordinated debtholders on the financial restructuring of DEPFA Bank plc’s US$1.1 billion Tier 1 subordinated debt
• the noteholder group on the financial restructuring of Deutz AG, a German automotive company
• the ad hoc committee of bondholders in the 2015 exchange offer of Edcon Holdings Limited, a leading clothing, footwear and textiles (CFT) retailing group in South Africa
• the ad hoc committee of bondholders on recovery from Elektrim S.A., a Polish telecoms and energy conglomerate
• the bondholders on the financial restructuring of Equinox Offshore Accomodation Ltd,an owner of offshore accommodation vessels
• the ad hoc committee of mezzanine lenders on the financial restructuring of European Directories S.A., the Dutch Yellow Pages company
• the mezzanine lenders in the financial restructuring of Expro Group, an oil and gas well management provider
• the ad hoc committee of mezzanine lenders on the debt restructuring of Findus Group Limited, a European frozen foods business
• the ad hoc committee of mezzanine bondholders on the financial restructuring of Focus DIY, a UK DIY retailer
• the lead mezzanine investors on the €2 billion restructuring and debt for equity swap of Gala Coral Group Limited, Europe’s preeminent integrated betting and gaming group
• the ad hoc committee of noteholders on the consent solicitation of Gulf Keystone Petroleum, a Bermudan E&P company, in relation to English law governed Notes
• the private placement noteholders on the financial restructuring of Hampson Industries Plc,a global aerospace components manufacturer
• the ad hoc committee of bondholders on the financial restructuring of Independent News and Media Ltd, a leading international newspaper and communications group
• bondholders in enforcement proceedings against and subsequent restructuring of Interoil Ltd
• the ad hoc group of bondholders on the financial restructuring of Invitel – Magyar Telecom B.V. (Matel), the second-largest fixed line telecommunications and broadband Internet service provider in Hungary. The level of pre-restructuring debt is €350 million.
• the bondholders on the financial restructuring of Iona Energy Inc., a Canadian oil and gas company with assets in the UK sector of the North Sea
• the subordinated noteholder on the statutory liquidation of Irish Bank Resolution Corporation Limited (IBRC)
• Nordic Trustee on behalf of an ad hoc group of bondholders on the restructuring of the Jasper OffshoreGroup, a group of companies incorporated primarily in Singapore and Cyprus with a single drillship as their main asset
• the private placement noteholders on the financial restructuring of Johnston Press plc, a community media group with operations in the UK and Ireland
• the senior lenders on the financial restructuring of first lien debt worth €840 million (total debt capital structure was €1.2 billion) of the German/US plastics and packaging company Klöckner Pentaplast Group
• the ad hoc committee of bondholders on the financial restructuring of Kremikovtzi A.D., a Bulgarian metalworking company
• the ad hoc bondholder committee on the financial restructuring of Marconi Corporation plc,a major UK telecoms components manufacturer involving schemes of arrangement and US section 304 proceedings
• the noteholder group on the financial restructuring of senior debt of M J Maillis S.A., a Greek packaging company
• the ATY group of senior lenders on the financial restructuring of Monier Group, a German roofing company
• the ad hoc committee of bondholders on the financial restructuring of Monitor Oil PLC,a North Sea oil and gas vessel developer
• Nordic Trustee on behalf of an ad hoc group of bondholders on the restructuring of the Noreco (Norwegian Energy Company ASA) Group, a group of companies with oil exploration and production assets in the UK, Denmark and Norway
• the mezzanine lenders on the debt restructuring of Northgate Information Solutions, a privately owned UK-based software systems group which provides human resources management services
• the ad hoc group of noteholders on stakeholder interests and in particular on various exchange offers launched by Norske Skogindustrier ASA, a Norwegian paper production group
• the bondholders on the financial restructuring of Northland Resources AB, an international mining company (Nordic headquartered). Total debt (existing and new) was US$750 million.
• an ad hoc committee of investors in relation to notes issued by Oak Finance LimitedLuxembourg SA, in connection with the Bank of Portugal’s purported decision that liabilities owing to Oak by Banco Espirito Santo did not transfer to Novo Banco
• the bondholders in connection with the Senior Secured Notes issued by Oceanografia S.A. de C.V., a Mexican business that collapsed as a result of fraud
• the bondholders on the financial restructuring of US$500 million senior bonds issued by OSX3 Leasing B.V., a stressed Brazilian group
• Nordic Trustee on behalf of an ad hoc group of bondholders on the restructuring of PA Resources AB, a company with oil and gas assets including in Tunisia, Republic of Congo and Equatorial Guinea
• the ad hoc committee of bondholders of Petroplus Holdings AG, a Swiss oil refinery group, following insolvency filings in multiple European jurisdictions. Total outstanding bond debt of US$1.75 billion.
• the noteholder group on standstill arrangements following default of Phoenix Pharmahandel GmbH & Co KG, a German pharmaceutical company
• an ad hoc committee of noteholders on the US$1.9 billion financial restructuring of Preem AB (publ), Sweden’s largest oil company
• an informal group of equity and note investors in the financial restructuring of the Punch A and Punch B securitisation structures issued by Punch Taverns PLC
• the noteholders on the €1.2 billion financial restructuring of private placement notes issued byQuinn Group Limited, an Irish company owning manufacturing and insurance companies
• the bondholders on the financial restructuring of US$210 million of bonds in Remedial (Cyprus) PCL, a company listed on the Oslo Børs
• the senior lender on the financial restructuring of Rijnmond Energy C.V., a natural gas-fired, combined-cycle power plant in the Netherlands
• the noteholder group on the financial restructuring of Royal Imtech N.V., a Dutch technical services provider with pre-restructuring debt of over €2 billion
• the bondholders on the financial restructuring of Rubicon Offshore Holdings Limited, a Singapore-based offshore oilfield services company
• the bondholders on the financial restructuring of SeaBird Exploration PLC, a seismic exploration company
• the official committee of unsecured creditors on the financial restructuring and subsequent Chapter 11 bankruptcy filing of Sea Containers Ltd., a large international shipping conglomerate involving US, UK and Bermuda in formal insolvency proceedings
• the private placement noteholders on waivers and amendments in connection with covenant defaults by Serco Group plc, a UK-based provider of public services
• the bondholders on the financial restructuring of Sevan Marine ASA, owner and operator of three FPSOs listed on the Oslo Børs
• the bondholders on the financial restructuring of Skeie Drilling & Production ASA, a project to construct three N-class jack-up rigs
• the bondholders on the financial restructuring of Songa Offshore, an international mid-water drilling contractor
• the private placement noteholder groups in the financial restructuring of senior notes of Taylor Wimpey, a large UK home builder
• the private placement noteholders on the financial restructuring of Technicolor S.A. (f/k/a Thomson S.A.), a French media company
• for the senior lenders on the €486 million financial restructuring of Terreal SAS, a worldwide manufacturer of terracotta products based in France
• the world-wide bondholder group and bondholder representative in respect of the nationalisation and financial restructuring of three major Icelandic banks — Kaupthing hf., Landsbanki hf. and Glitnir hf.— and participating on the informal creditors’ committee of each of the three banks
• the junior creditors on the financial restructuring of high yield bonds issued by Torex retail, a till software manufacturing company
• the stakeholder in connection with the financial position of TORM A/S, a leading product tanker and dry bulk company
• an ad hoc group of lenders in relation to ongoing advice on the restructuring of debt of TPFerro Concesionaria, a Spanish concessionaire for the new high-speed railway line between Spain and France
• the senior noteholders in debt restructuring negotiations of Uralita B.V., a building materials group with operations in Spain and other parts of Europe
• the committee of junior lenders on the financial restructuring of Viridian Group plc, a Northern Irish power company
• the noteholders on the financial restructuring of senior notes issued by Wagon plc, a European automotive parts manufacturer
• the ad hoc committee of senior secured noteholders on the €1.8 billion financial restructuring of Wind Hellas Telecommunications S.A., a Greek telecommunications operator
• the anchor investors in the structuring of a US$135 million bond issued by Xcite Energy Limited, an E&P company with oil-field interests in the UK North Sea