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12 Apr 2022

Stephenson Harwood advises Madison Pacific on US$215 million deal

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Law firm Stephenson Harwood LLP has advised Madison Pacific Trust Limited on the enforcement sale of a 51% stake in HG Storage International Limited to Tristar Transport (L.L.C.) for US$215 million.

Madison Pacific is selling as holder of a security interest in the stake, which was granted by HNA Innovation Finance Group, to secure payment under certain notes it issued.

HG Storage is a joint venture between HNA and a subsidiary of Glencore, a global natural resources company. HG Storage holds a portfolio of oil storage, distribution and retail assets across four key regions — Europe, the Americas, Middle East and Africa. A sale and purchase agreement was signed, and completion is expected to take place in the second quarter of 2022.

The Stephenson Harwood team was led by finance partner Mark Reed, who was supported by restructuring and insolvency partners Jamie Stranger and Eloise Matsui. Associates Winnie Choi, Karen Lau and Frost Wu were involved in the corporate aspects of the deal. UAE advice was provided by corporate partner Diwakar Agarwal. The team led the enforcement process, which involved an auction sale, and advised on all the insolvency, finance, security, M&A and disputes aspects. It also worked alongside local counsel in a number of jurisdictions, including Argentina, Belgium, Denmark, Ghana, Jersey, Sweden, Mexico, Mozambique and Zimbabwe.

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