Cross-Border European Restructuring

Ad Hoc Committee of Noteholders

Our attorneys represented an ad hoc committee of noteholders on a restructuring of €275 million of a European manufacturer’s indebtedness, which involved the intricate application of Luxembourg, English, and New York law. The Belgian-based manufacturer, which is controlled by a very substantial US private equity fund, had negotiated a debt for equity swap with its largest bondholders to the detriment of minority bondholders. On behalf of the ad hoc committee (representing the minority), Kaye Scholer used the threat of New York State Court litigation (as the indentures were governed by New York law) to bring the manufacturer and the majority bondholders to the table. As a result of our efforts, we were able to negotiate a better deal for all bondholders.

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