White & Case Named IFLR 2013 Americas Project Finance Team of the Year, Advises on IFLR Restructuring Deal of Year
White & Case was named 2013 Americas Project Finance Team of the Year at the 9th annual IFLR Americas Awards, marking the third consecutive year White & Case has won this coveted award. According to the IFLR's criteria, "Firms win team of the year categories for working on the most innovative deals."
These transactions included the largest ever project bond offering in Latin America (Odebrecht Offshore Drilling Finance Limited at US$1.7 billion), the largest private sector investment in a single project in the history of Mexico (Etileno XXI at US$4.5 billion), and the first two new power plants in Pennsylvania specifically developed to take advantage of their proximity to the Marcellus Shale gas formation (Panda Liberty and Panda Patriot), among other groundbreaking project finance transactions.
The Firm also advised on IFLR's "Restructuring Deal of the Year"—the restructuring of Central European Distribution Corporation (CEDC), a leading producer and distributor of spirits in Russia, Poland and Hungary. We advised Roust Trading Ltd. (RTL), the owner of Russian Standard Vodka, in architecting a multijurisdictional restructuring under which RTL would invest in and ultimately acquire CEDC.
CEDC was a US holding company. With its Eastern European operating subsidiaries, CEDC had more than US$1.5 billion of US dollar-, euro- and Russian ruble-denominated obligations governed by US, UK, Russian and Polish law. After a series of difficult deals had been negotiated with, and approved by, the requisite majorities of CEDC's largely European bondholders, the transaction was implemented through CEDC's chapter 11 filing in Delaware. The prepackaged plan, approved by the Delaware Bankruptcy Court just over one month after CEDC's filing, eliminated approximately US$665 million of debt from CEDC's balance sheet, avoided the risks associated with potential insolvency proceedings for CEDC's foreign operations and delivered 100 percent ownership to RTL, which is now the world's second-largest vodka producer.
International Financial Law Review is a leading financial law publication for lawyers specializing in international finance in financial institutions, corporates and private practice.