White & Case advises on Petroserv scheme of arrangement

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Global law firm White & Case LLP has advised the Agent and existing term loan lenders on an English scheme of arrangement (Scheme) proposed by Petroserv Marine Inc. (Petroserv), which was sanctioned by the High Court of England and Wales on June 23, 2022.

"The successful sanctioning of the scheme exhibits the market leading offshore and transatlantic restructuring and finance capabilities of our Firm," said White & Case partner Scott Greissman.

White & Case also documented the amended facilities agreement and related financing arrangements facilitated by the Scheme. The financing transaction closed on June 28, 2022.

The Scheme was proposed by Petroserv for the purposes of facilitating certain amendments to the Petroserv Group's existing senior facilities agreement, which comprised approximately US$882 million in term loan facilities. The amendments were required in order to permit Petroserv to incur an additional US$120 million of financing on a super senior basis. The super senior lenders comprise a subset of Petroserv's existing lender group.

Petroserv – a company existing under the laws of the British Virgin Islands and headquartered in Macaé, Brazil – and its subsidiaries provide deepwater offshore drilling and exploration services, mainly in Brazil and Brazilian territorial waters.

The White & Case team acting on the Scheme, and the new financing which it facilitated, included lawyers from the Global Financial Restructuring and Insolvency Practice, Global Debt Finance Practice and disputes practice groups in both London and New York, with support from local counsel in British Virgin Islands, Netherlands and Brazil.

The White & Case team was led by partners Scott Greissman, Elizabeth Kirk, Rob Bennett (all New York), Ian Wallace, Will Stoner and Swati Tripathi (all London), and included associates Gemma Patterson, Leo Colle, Dorothea James, Morgan Smith (all London) and Drew Magee (New York).

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