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International law firm Freshfields Bruckhaus Deringer has advised La Seda de Barcelona, S.A., a leading manufacturer of PET packaging, on its Scheme of Arrangement which was sanctioned by the English High Court on 26 May 2010. Under the Scheme, approaching €600m of syndicated LBO debt is to be swapped into around €236m of new senior debt, €210m of PIK debt, and €150m of equity. On its terms, there are various conditions precedent to the Scheme taking full effect, including the raising of €150m of additional new equity in Spain. The wider restructuring includes agreements with around €400m of bi-lateral facilities and trade creditors, making a total of around €1bn of debt being restructured overall. The Freshfields team was led by Richard Tett (partner, restructuring) with Nick Stern (senior associate, dispute resolution) Daniel French (senior associate, banking) and James Scott (associate, corporate). The team included partners Farah Ispahani (corporate), Neil Golding (dispute resolution) and Chris Howard (banking) and associates Lucy Charlton (restructuring), Sarah Burgemeister (dispute resolution), Rós Ní Dhubháin (corporate) and Anna Annenkova (banking). Freshfields advised on the English law aspects and worked closely with Abelardo López, Silvia del Rosario, Djanema González, Divinia Sayson and Massimo Tisci from La Seda de Barcelona, S.A. The overall deal team included other advisers, principally, Javier Fontcuberta (Cuatrecasas, Gonçalves Pereira who advised on the Spanish law aspects), Alan Tilley/David Bryant (Bryan, Mansell & Tilley LLP) and Carlos Gila (Gila & Co). Mr Gila was appointed as executive deputy chairman of La Seda de Barcelona, S.A. in June 2009 to lead the restructuring for the company. The La Seda group is a leader in the European PET Packaging market. It has over 2,000 employees and operates through 22 plants in 11 European countries. Its principal activities include the supply of PET resin, recycled PET resin as well as PET packaging. PET is commonly used for the packaging of beverages and food. Despite operational successes, it has suffered from the global recession and been burdened by its debt which it has been seeking to restructure for over a year. Richard Tett said: ‘We are delighted to be helping La Seda on this restructuring. Whilst there are further milestones to be met, this is a significant step for La Seda towards the completion of its restructuring which is expected to be around the end of June.’ ‘It is the first time an English Scheme of Arrangement has been used to restructure a Spanish corporate’s English law LBO debt. The financial issues faced in Spain are well documented. There are a lot of corporates grappling with heavy debt burdens which need to be restructured. It will be interesting to see if, in the months to come, this innovative development is the start of a new solution for Spanish corporates,’ noted Tett.
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