White & Case Advises on US$1.7 Billion Global Investment House Debt Restructuring
First restructuring of a Kuwait investment house
London, Riyadh
December 14, 2009 ... Global law firm White & Case LLP has advised WestLB AG, London Branch as Co-ordinator of a steering committee established in connection with the restructuring of the US$1.7 billion facilities of Global Investment House K.S.C (c), a Kuwaiti investment house listed on both the Kuwaiti and London stock exchanges.
"This was a complex, consensual restructuring involving over 50 financiers, across multiple jurisdictions, to agree to new multi-currency conventional, Islamic and bilateral facilities," commented Magdalene Bayim-Adomako, partner, White & Case. "This restructuring is the first of a Kuwait investment house and is likely to be seen as a bench mark for other restructurings in the region."
The restructuring involved combining unsecured English law syndicated facilities with bilateral facilities governed by laws of jurisdictions in the Middle East into two English law syndicated facilities (one conventional and one an Islamic law Murabaha) and one English law bilateral facility. In order to meet its repayment obligations Global has transferred assets into a Macro Fund and other real estate assets to an SPV with a view to selling down these assets in an orderly manner and repaying the debt. Security has been provided over these assets.
The White & Case team was led by London partner Magdalene Bayim-Adomako, Kelly Gibson (London), Harjaskaran Rai (Riyadh), Emma Menzies (London), Patrick Schumann (London), Hyana Kim (London), Amita Patel (London), Audrey Coker (London) and Sarah Williams (London).
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