International law firm Weil Gotshal & Manges LLP (“Weil”) has advised Floatel International Ltd. and its subsidiaries (the “Floatel Group”) on its comprehensive, fully consensual balance sheet restructuring.
The transaction involved first lien bondholders converting USD400,000,000 first lien bonds into new USD230,000,000 first lien bonds and 40.08% equity and second lien bondholders converting USD75,000,000 second lien bonds for warrants. Alongside these conversions, the Floatel Group secured new liquidity via a new USD100,000,000 revolving credit facility. In addition, the Floatel Group entered into settlement arrangements with other creditors that allowed the transaction to be effected within the existing corporate structure thereby minimizing business disruption. The transaction required significant support from all of Floatel Group’s stakeholders including existing shareholders.
The Floatel Group is exiting the restructuring extremely well positioned to tender for new business as the market recovers, thanks to its significantly deleveraged and well-capitalized balance sheet, and with the continued support of its stakeholders and existing senior leadership.
The Weil team
The Weil London team was led by Restructuring partners, Andrew Wilkinson and Clare Cottle, Banking partner Paul Stewart and Corporate partner James Harvey. They were assisted by Restructuring counsel Lindsay Merritt; Restructuring associates James Ekwem, Valean Gherendi, Aziz Abdul and Harriet Fielding; Banking counsel Mae Morter and associate Cynthia Gao; Litigation counsel Matthew Akers; Corporate counsel Tomasz Rodzoch and associate Daniel Johnstone; and Tax partner Jenny Doak and associate Oliver Rosshandler.
The Weil New York team was led by Restructuring partners Matt Barr and Sunny Singh; Tax partner Kimberly Blanchard and assisted by Restructuring counsel Debora Hoehne and associates Aly Paddock and Daphne Papadatos.
Founded in 1931, Weil, Gotshal & Manges LLP has been a preeminent provider of legal services for more than 80 years. With approximately 1,100 lawyers in offices on three continents, Weil has been a pioneer in establishing a geographic footprint that has allowed the Firm to partner with clients wherever they do business. The Firm’s four departments, Corporate, Litigation, Restructuring, and Tax, Executive Compensation & Benefits, and more than two dozen practice groups are consistently recognized as leaders in their respective fields.