White & Case LLP - News - White & Case Assists Alcontrol on Euro 290 Million Debt Restructuring

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White & Case Assists Alcontrol on Euro 290 Million Debt Restructuring

London, Stockholm, November 20, 2009 ... Global law firm White & Case LLP represented the senior lenders to ALcontrol, a leading European Environment and Food testing group, on the successful consensual restructuring of its EUR 290 million debt.

The restructuring involves a debt-for-equity swap of the company's outstanding debt with second lien and PIK lenders writing down their loans in exchange for equity instruments. Senior lenders agreed to convert a proportion of their debt in exchange for a majority of the equity. Funds managed by GSO Capital Partners will become the controlling shareholder of the group. GSO has also provided ALcontrol with new debt financing in order to give the company sufficient liquidity, which will be put towards laboratory and customer-service related investment as well as working capital.

"A consensual agreement between ALcontrol's sponsor, senior lenders, second lien and PIK lenders avoided the need for a formal insolvency process and the risk of further value erosion," comments Mark Glengarry, partner, White & Case. "Negotiating a 100% consensual restructuring with so many diverging interests and agendas was extremely challenging and the successful outcome is a testament to all parties' recognition of the need for a true financial restructuring allowing the group to meet its current challenges and look to the future with confidence."

Through ALcontrol's network of laboratories it services customers in 11 European countries and provides support to customers globally. ALcontrol has over 2000 employees, 30 laboratories and service centres and over 100 logistics points throughout its network.

The White & Case team was led by London partners Mark Glengarry and Brian Conway and assisted by associates David Manson, Tim Buckland, Gareth Eagles, Emma Fleming, Laura Campbell and Lara Muazu, Hyana Kim, Jeremy Reynolds, Doris Tang, Jonathan Elliott, Bettina Becker (Senior Facilities); Lara Muazu, Amitaben Patel, Kimberley Skipsey (Mezzanine Facility); partners Andrew Macklin and Andrew Weiler and associates Adnan Chida, Laura Clement, Hon Ng, Jonathan Yong and Rebecca Zatterstrom (Corporate); partner Christopher Kandel and associates Kevin Ng and Kshiti Vora (Agency). The team was assisted by Stockholm associates Henrik Aurelius, Ellen Fagerlund, Fredrik Gillgren, Oscar Liljeson and Costin Mihailescu.

About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to meeting the business priorities and legal needs of our clients.

Contact

Ian Kitts
EMEA Media Relations & Corporate Communications Mgr, White & Case
+44 (0) 20 7532 2857

Erica Howard
Media Relations Executive, White & Case
+44 (0) 20 7532 2852

	Press Releases
Expertise Capital Markets Financial Restructuring and Insolvency Mergers & Acquisitions Corporate Lawyers Andrew C. Weiler David Manson Gareth Eagles Emma Fleming Lara Muazu Kimberly Skipsey Adnan Chida Kevin Ng Oscar Liljeson Costin Mihailescu	White & Case Assists Alcontrol on Euro 290 Million Debt Restructuring London, Stockholm, November 20, 2009 ... Global law firm White & Case LLP represented the senior lenders to ALcontrol, a leading European Environment and Food testing group, on the successful consensual restructuring of its EUR 290 million debt. The restructuring involves a debt-for-equity swap of the company's outstanding debt with second lien and PIK lenders writing down their loans in exchange for equity instruments. Senior lenders agreed to convert a proportion of their debt in exchange for a majority of the equity. Funds managed by GSO Capital Partners will become the controlling shareholder of the group. GSO has also provided ALcontrol with new debt financing in order to give the company sufficient liquidity, which will be put towards laboratory and customer-service related investment as well as working capital. "A consensual agreement between ALcontrol's sponsor, senior lenders, second lien and PIK lenders avoided the need for a formal insolvency process and the risk of further value erosion," comments Mark Glengarry, partner, White & Case. "Negotiating a 100% consensual restructuring with so many diverging interests and agendas was extremely challenging and the successful outcome is a testament to all parties' recognition of the need for a true financial restructuring allowing the group to meet its current challenges and look to the future with confidence." Through ALcontrol's network of laboratories it services customers in 11 European countries and provides support to customers globally. ALcontrol has over 2000 employees, 30 laboratories and service centres and over 100 logistics points throughout its network. The White & Case team was led by London partners Mark Glengarry and Brian Conway and assisted by associates David Manson, Tim Buckland, Gareth Eagles, Emma Fleming, Laura Campbell and Lara Muazu, Hyana Kim, Jeremy Reynolds, Doris Tang, Jonathan Elliott, Bettina Becker (Senior Facilities); Lara Muazu, Amitaben Patel, Kimberley Skipsey (Mezzanine Facility); partners Andrew Macklin and Andrew Weiler and associates Adnan Chida, Laura Clement, Hon Ng, Jonathan Yong and Rebecca Zatterstrom (Corporate); partner Christopher Kandel and associates Kevin Ng and Kshiti Vora (Agency). The team was assisted by Stockholm associates Henrik Aurelius, Ellen Fagerlund, Fredrik Gillgren, Oscar Liljeson and Costin Mihailescu. About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to meeting the business priorities and legal needs of our clients. Contact Ian Kitts EMEA Media Relations & Corporate Communications Mgr, White & Case +44 (0) 20 7532 2857 Erica Howard Media Relations Executive, White & Case +44 (0) 20 7532 2852