LONDON July 14, 2021: International law firm Weil, Gotshal & Manges LLP advised the Consortium of minority equity investors in Dream Cruises Holding Limited, a large cruise ship operator based in Asia, in connection with the multi-jurisdictional restructuring of the liabilities of Dream Cruises Holding Limited and those of its parent company Genting Hong Kong Limited.
The group-wide restructuring and recapitalisation plan, which completed on June 28, 2021 following complex negotiations, resulted in the amendment and extensions of US$2.6 billion in debt and the provision of US$700 million in new money across the Genting group. The holistic restructuring will provide capital and a stable platform for Dream Cruises to resume sailing and execute its fully funded business plan as the market recovers.
The Weil team in London was led by Restructuring partners Andrew Wilkinson, Gemma Sage and Matt Benson. They were assisted by Restructuring associates Jonathan Woods and Ilaria Olivero; Litigation partner Jamie Maples, counsel Matthew Akers and associates Matthew Gibbon and Milosz Palej; Hong Kong Corporate partner Tim Gardner, counsel Sandy Lin and associate Hongzhen Huang; Hong Kong Banking & Finance counsel Kevin Yao and associate Carolyn Ho. Weil worked with financial advisers Moelis on the deal.
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Yesterday the UK government announced that the existing measures in place to protect commercial tenants from forfeiture, alongside the restrictions on landlords’ abilities to recover rental arrears through the seizure of goods under Commercial Rent Arrears Recovery (CRAR) will be extended to 25 March 2022. The total number of days’ outstanding rentRead the full article →
Weil has successfully represented Norwegian Air Shuttle ASA (“NAS”) and its primary operating entity in obtaining chapter 15 recognition of the highly complex and innovative restructuring plan embodied in Schemes of Arrangement and a Reconstruction Plan confirmed in Ireland and Norway. Outline of the restructuring On May 26, 2021, NASRead the full article →
Mr Justice Snowden’s recent judgment sanctioning the Virgin Active restructuring plans is significant for several reasons. Not only is it the first judgment to consider a challenge to the cram down power of the 2006 Companies Act, but it is only the third instance that the cross-class cram down mechanismRead the full article →