White & Case Wins Two Global Legal Awards from The American Lawyer
White & Case won two awards at The American Lawyer's Global Legal Awards program. The Firm won for its work in the following categories.
Global Finance Deal of the Year, Restructuring and Insolvency, Europe
The reorganization transaction involved Central Eastern Distribution Corporation (CEDC), a leading producer and distributor of spirits in Russia, Poland and Hungary. White & Case 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.
Global M&A Deal of the Year, Latin America/Peru
White & Case represented MMG Limited and the MMG-led consortium including Guoxin International Investment Corporation Limited (22.5%) and CITIC Metal Peru Investment Limited (15%) in the US$7 billion acquisition of the Las Bambas copper project in Peru from Glencore plc.
We advised MMG on the consortium shareholder arrangements and the consortium on the M&A, HKSE approvals and financing of the acquisition (including ongoing project development costs) through a combination of equity and long-term debt facilities from a banking syndicate arranged by China Development Bank.
The Las Bambas project is a world-class copper asset with prospective, near-mine exploration opportunities located in Cotabambas, Apurimac region of Peru. The estimated mine life is in excess of 20 years, and the mine is expected to produce over 2 million tons of copper in concentrate in its first five years of operation. MMG will become one of the world’s largest copper producers.