Corporate trusts

GLAS

Advised Global Loan Agency Services on a complex restructuring of over £1 billion of debt constituted by £430 million CMBS loan notes issued by Fairhold Securitisation Limited and over £600 million of swap close-out claims. The restructuring involved a partial debt for equity swap with the creditors taking control over the group through the transfer of the property owning vehicles. The deal also concerned a compromise of the remaining debt and close-out claims under the swaps, through the issuance of £369 million new senior secured notes for the hedge counterparties, and £341 million of new junior secured notes for the existing noteholders (2020).

Battersea Power Station

Advising the CULS trustee in connection with the financial restructuring of the Real Estate Opportunities group, whose key asset was Battersea Power Station.

British Energy

Advising the existing bond trustee on the restructuring of the British Energy Group and the related Scheme of Arrangement and advising the new trustee in relation to a new issue of £700 million bonds issued by British Energy Holdings plc as part of the restructuring.

Marconi

Advising the trustee in relation to the restructuring of Marconi Corporation plc and its subsidiaries and the related Schemes of Arrangement.

Railtrack

Advising the bond trustee in relation to Railtrack’s 7 bond issues on the transfer of Railtrack’s business to Network Rail, following Railtrack being placed into special administration.

White Pine / Whistlejacket

Advising the security trustee on the merger of White Pine and Whistlejacket, two SIVs.

More: Corporate trusts

Restructuring and insolvency

GLAS

Advised Global Loan Agency Services on a complex restructuring of over £1 billion of debt constituted by £430 million CMBS loan notes issued by Fairhold Securitisation Limited and over £600 million of swap close-out claims. The restructuring involved a partial debt for equity swap with the creditors taking control over the group through the transfer of the property owning vehicles. The deal also concerned a compromise of the remaining debt and close-out claims under the swaps, through the issuance of £369 million new senior secured notes for the hedge counterparties, and £341 million of new junior secured notes for the existing noteholders (2020).

Battersea Power Station

Advising the CULS trustee in connection with the financial restructuring of the Real Estate Opportunities group, whose key asset was Battersea Power Station.

British Energy

Advising the existing bond trustee on the restructuring of the British Energy Group and the related Scheme of Arrangement and advising the new trustee in relation to a new issue of £700 million bonds issued by British Energy Holdings plc as part of the restructuring.

Marconi

Advising the trustee in relation to the restructuring of Marconi Corporation plc and its subsidiaries and the related Schemes of Arrangement.

Railtrack

Advising the bond trustee in relation to Railtrack’s 7 bond issues on the transfer of Railtrack’s business to Network Rail, following Railtrack being placed into special administration.