Akin Gump Advises Majority Holder of Convertible Bonds on the Financial Restructuring of the Polarcus Group
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(London) – Akin Gump has advised the majority holder of the convertible bonds issued by Polarcus Limited in relation to the financial restructuring of the Polarcus Group, a marine seismic exploration business, following its entry into provisional liquidation in the Cayman Islands.
The restructuring involved the transfer by the provisional liquidators of Polarcus Limited of the shares in its subsidiary, Polarcus Selma Ltd., the guarantor of the convertible bonds and the owner of the Polarcus Group’s key remaining asset, the Vyacheslav Tikhonov vessel. The shares were transferred to the newly formed PXGEO group, which is owned by the holders of the tranche ‘A’ convertible bonds, in consideration for a partial release of the claims of those holders against Polarcus Limited.
The Akin Gump team was led by London financial restructuring partners James Terry and Emma Simmonds. They were supported by financial restructuring associates Rachel Beddoe and Ross Macgregor, corporate partner Simon Rootsey and associate Jing Ng, finance partner Stephen Peppiatt and counsel Chris Parrott, and tax counsel Serena Lee.
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 and the Middle East.
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