On 4 February 2014, our client, Zlomrex International Finance S.A. ("ZIF"), completed the restructuring of its approximately €118 million senior secured high yield notes due 2014 (the "Existing High Yield Bonds"). ZIF, a company incorporated in France, is a financing vehicle for the Cognor group, one of the largest suppliers (by volume) of scrap metal, the second largest seller of semi-finished steel products and the fifth largest seller (by volume) of finished steel products in Poland. The restructuring is a further example of the effectiveness of an English law scheme of arrangement ("scheme") to restructure New York law-governed high yield indebtedness. The restructuring of New York law governed high yield notes through the certainty of the scheme process has come to the fore recently, including with respect to the completion of the successful restructuring of Magyar Telecom B.V. This is an extremely hot topic in current restructurings such as, New World Resources plc and Yüksel, on which White & Case has had leading roles, amongst others.
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