Global law firm White & Case LLP has advised the Armas family on the negotiation and execution of a lock-up agreement for a full balance sheet restructuring of the Canary Islands shipping group Naviera Armas.
The group's main bondholders, JP Morgan, Barings, Cheney Capital, Bain Capital and Tresidor funds, will capitalise a large part of the debt, taking 94 percent of the equity interests in Naviera Armas. As a result, the outstanding amount under the notes will be reduced from €445.9 million to €178.4 million. Additionally, the bondholders will invest €73.3 million of new capital in Naviera Armas to cover liquidity needs during the restructuring process.
The Armas family will reduce its stake in the group down to a 6 percent equity interest, to promote a new growth plan backed by its main creditors and shareholders. To date, the founding family held a majority stake in voting rights and 35 percent of the total economic rights.
The White & Case team in Madrid which advised on the transaction was led by partners Javier Monzón and Jaime Rossi and local partner Álvaro Manzanos.
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