David delivers perceptive advice to clients, including banks, noteholders, funds, insolvency practitioners and companies, on issues relating to cross-border and domestic work out and restructuring transactions, and a broad range of finance matters.
He also regularly advises directors, administrators and proposed administrators, and other insolvency practitioners on all aspects of insolvency and corporate restructuring.
David is a member of our Global Maritime Practice, a cross-border and cross-practice group of more than 100 lawyers, which is focused on advising clients in the shipping industry. He has advised clients on numerous restructuring transactions, investment opportunities and new financings within the maritime sector, and represented the coordinating committee of lenders in the 2012 restructuring of Danish shipping company, TORM A/S.
David advised the majority lenders on the comprehensive TORM restructuring, which via a successful debt deleveraging implemented via an English scheme of arrangement and the contribution of 31 vessels owned by Oaktree funds to TORM, successfully created one of the world's largest tanker companies, reducing its debt burden from approximately $1.4 billion to approximately $561million. This was completed against the backdrop of a very challenging operational environment in the maritime sector and came after more than 10 months of negotiations among TORM, Oaktree Capital, and its European-based shipping lenders and numerous US and London-based investment funds. This transaction won the Marine Money 'Restructuring Deal of the Year' Award 2016.
David is advising the steering committee of lenders to OSX 2 Leasing BV, the owner of a Floating Production Storage and Offloading unit (FPSO).
David advised Zlomrex International Finance S.A. (ZIF) on the restructuring of its approximately US$118 million outstanding senior secured high-yield notes due 2014. Incorporated in France, ZIF is a financing vehicle for the Cognor group, one of the largest suppliers (by volume) of scrap metal, the second-largest seller of semi-finished steel products and the fifth-largest seller (by volume) of finished steel products in Poland.
David advised Primacom, a leading provider of communications products in Germany, on its restructuring, implemented pursuant to a UK scheme of arrangement.
In 2011 and culminating in 2012, David represented the coordinating committee of lenders, including Danske Bank, Nordea Bank, HSH Nordbank and Danish Ship Finance, on the out-of-court restructuring of Danish-listed shipping company TORM and its subsidiaries. The comprehensive restructuring gave TORM access to a new US$100 million super-senior working capital facility secured on its vessels. It also entailed restructuring and extension of maturities relating to TORM's existing secured bank debt (approximately US$1.8 billion), the creation of a new corporate and group structure for TORM subsidiaries, and a new equity issuance to participants in the restructuring. This transaction was awarded Deal of the Year by Marine Money 2012 and received a Deal of the Year nomination from International Financial Law Review 2012.
David regularly advises hedge funds, private equity funds and other investors with respect to investment strategies across the capital structure, with respect to the maritime sector.
David is advising a prominent shipping company on various financing matters.
"Restructurings in the Maritime Sector", February 27, 2014: Marine Money Hamburg, (panelist)
"Restructuring Trends and Opportunities", June 18-20, 2013: Marine Money International conference, Marine Money Week,
"Marine Sector Opportunities & Restructuring Case Studies", 7 November 2013: Barclays Distressed Debt Conference, (presentation)
"Marine Sector: Challenges & Opportunities", 5 November 2013: White & Case Seminar Series, (panelist)
Unchartered Waters For All, Marine Money International, November 2014
Restructuring & Beyond: The Marine Industry's Routes to Safety, White & Case LLP, June 2013
Uncharted Waters: Funding the Future, Latitudes White & Case LLP, November 2013