Global law firm White & Case LLP has advised Primacom Holding GmbH ("Primacom"), a leading provider of basic and digital cable television, high speed internet and telephony products in Germany, in relation to its most recent financial restructuring.
In January 2011, Primacom's mezzanine and second lien lenders took control of the company through a debt-for-equity swap. Following unsuccessful discussions in November 2011 between the stakeholders to agree a consensual deal for the overhaul of the group's debt structure, a UK Scheme of Arrangement was launched and subsequently sanctioned by the High Court on 20 January, 2012.
The key features of the restructuring include a significantly improved capital structure for the Group, together with the provision of a new €20m senior facility.
"Schemes of arrangement are becoming increasingly popular for both UK and non-UK companies in complex, cross-border situations as they are an effective tool when used to expedite, simplify and smooth the restructuring process. This is particularly the case in situations where there are dissident or holdout creditors," said Christian Pilkington, partner at White & Case. "Financial restructurings are complex by nature and, in this instance, the scheme enabled us to achieve a successful conclusion, in a timely manner, for the benefit of the company and its key stakeholders."
In London, the White & Case team was led by partner Christian Pilkington, who was assisted by associates David Manson, Michael Mount, Boris Docekal and trainee Benjamin Prior. In Germany, the team was led by partner Tom Oliver Schorling, who was aided by associate Philipp Jentzmik.
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