Deals and Operations
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DEALS AND OPERATIONS
International law firm Freshfields Bruckhaus Deringer has advised the mezzanine and junior mezzanine lenders on the restructuring of Almatis, a leading global producer of alumina products. The restructuring, to be implemented by way of a plan of reorganisation under chapter 11 of the US bankruptcy code, was confirmed by the US bankruptcy court of the Southern District of New York this week and was backed by over 90 per cent of the mezzanine lenders and 100 per cent of the junior mezzanine lenders. The restructuring sees the mezzanine and junior mezzanine lenders initially acquire 40% of the shares in the restructured Almatis group alongside the equity sponsor, Dubai International Capital LLC, which retains a 60% stake. The Freshfields team was jointly led by finance partner Chris Howard and senior finance associate Sean Lacey with support from partners Farah Ispahani (corporate), Thijs Flokstra (Dutch corporate and finance), Eelco van der Stock (Tax), and associates Amy Beckingham and Adam Babiker (both Corporate). Schulte Roth & Zabel LLP led on the US bankruptcy aspects of the restructuring. Lead partner, Chris Howard comments, ‘The Almatis restructuring was extremely challenging and against significant odds we were able to achieve a result far better than originally anticipated by our clients when they had faced only making a minimal recovery under the plan initially filed with the US bankruptcy court in April 2010.’ Freshfields was engaged by a committee of the mezzanine and junior mezzanine lenders in April 2009 and has provided advice on all aspects of the restructuring (other than the chapter 11 court proceedings) throughout more than 14 months of complex negotiations with other stakeholders.
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