We assisted with the corporate legal implementation advice, the solvency advice during the conciliation and mediation process, the tax structuring aspects of the debt restructuring and the finance related advice for the new money injection and related security package.
The transaction involved a complicated restructuring of existing debt and a lender led acquisition of the group with a new money injection. It was complex due to the large number of lenders and the different lender groups with varying interests, rankings and creditor rights. The Famar Group operates in a number of jurisdictions, such as Luxembourg, France, Spain, Italy and Greece, all of which required attention in the restructuring process.
Pillarstone was the new money provider with other interested lenders being the largest four Greek banks and other lenders, such as Bain Capital and GSO. The Famar group employs approximately 3,000 persons in its different operating jurisdictions.
Our Corporate, Banking & Finance and Tax teams, led by Michael Scott, Anne-Marie Nicolas and Peter Moons, combined their expertise in advising the Famar Group on this restructuring.