Law firm Stephenson Harwood LLP has advised The Export-Import Bank of China (CEXIM) in relation to a court sanctioned recovery plan and conciliation protocol. The deal involved the restructuring of a loan in default to a convertible bond and equity issued by a company, formed by the lenders, to buy 100% of Bourbon Maritime.

CEXIM played a pivotal role in the success of a debt restructuring involving France's offshore vessel Bourbon Maritime, which exited the court restructuring with €1.5 billion less debt, but with plans to sell or scrap more than 100 ships.

CEXIM, established in 1994, is a state-funded and state-owned policy bank, which supports international trade and cross-border investment. The success of this loan restructuring was a key component of the wider restructuring of Bourbon, following two years of negotiations.

The Stephenson Harwood team was led by London-based partner Jonathan Ward, who was supported by senior associate Jennifer Ashford and associate Catherine Tse. Further assistance was provided by Paris-based partners Jeremy Grant and Alain Gautron, senior associate Hortense Atthenont-Duret, and associates Chloe Chiss, Thibaut Gribelin and Cloe Nguyen.