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International law firm Freshfields Bruckhaus Deringer has advised private housebuilder Crest Nicholson on all aspects of its financial restructuring required in the face of the dramatic change in economic conditions for the house building sector. The company will undergo a financial restructuring that will reduce its liabilities to lenders by £630 million. The process will also put in place a new £40 million working capital facility and restructures the terms of its remaining debt through to the end of March 2012. The restructuring will be achieved through a Scheme of Arrangement which involves the creation of a new holding company, Crest Nicholson Holdings Ltd (CNHL), to acquire Castle Bidco Ltd, the vehicle used by HBOS and West Coast Capital to take Crest Nicholson private in May 2007. CNHL will be 90% owned by the lending banks and 10% by management. None of the Group's trading companies will be subject to such a process but, with a three year financing agreement in place, will derive benefit from a significantly reduced Group debt burden and a new working capital facility. In a changed market, this realignment with current economic conditions will place Crest Nicholson in a stronger trading position. The restructuring is notable as it includes the first secured debt scheme of arrangement. In total creditors will write off circa £630m. The senior, second lien and mezzanine debt holders will be subject to the scheme and will participate in the new debt and 90% of the revised equity. Approximately 96% of affected creditors representing over 30 financial institutions and ranging from clearing banks to CLO funds have already committed to supporting the restructuring. The scheme is expected to receive court sanction in late March. Commenting on Freshfields' role in the transaction, Stephen Stone, Chief Executive of Crest Nicholson, said: 'This restructuring will ensure that the business is better placed to deal with the current sector slowdown and will enable us to make the most of future opportunities in a difficult market. Freshfields' advice throughout the process has proved invaluable and has made a real difference in the achievement of our objectives.' The Freshfields team advising on the restructuring was led by restructuring & insolvency partner Adam Gallagher and included corporate partners Simon Weller and Farah Ispahani, banking partner Sean Pierce, tax partner Helen Buchanan, senior associates Tim Wilmott and Robert Trill and associates Ian Wallace and James Scott.
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