Akin Gump Advises Lenders in $1.3 Billion Prosafe Restructuring
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(London) - Akin Gump has advised an ad hoc committee of lenders under a $1.3 billion facility made available to Prosafe SE, the leading Norwegian headquartered owner-operator of semi-submersible accommodation vessels, in relation to the financial restructuring of the group’s debt.
The financial restructuring involved the equitisation of $1.1 billion of debt for 99% of Prosafe SE’s equity, the reinstatement of $250 million of the $1.3 billion facility and $93 million of a $288 million senior secured facility and extension of maturities.
The restructuring involved significant cross-border elements under English, Norwegian and Singapore law and was implemented through inter-conditional Singapore schemes of arrangement and a Norwegian reconstruction plan. The Singapore schemes of arrangement were subsequently recognised in Brazil.
Akin Gump’s role included contingency planning involving the Singaporean and English cram-down processes, the Rule in Gibbs and complex jurisdiction and recognition issues given the group’s global operations and assets.
The Akin Gump team was led by London financial restructuring partner Liz Osborne and counsel Jessica Ling and Carone Huang.
The firm also worked closely with PJT, which acted as financial advisers to the lending group.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia.
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