Freshfields, CC take headline roles on €945m Independent restructuring
Freshfields Bruckhaus Deringer, Clifford Chance and Bingham McCutchen have advised on the on the €945m (£837m) debt restructuring of Independent News & Media (INM). The struggling Irish publisher of The Independent and The Independent on Sunday has reached a deal with creditors after some eight months of negotiations that will include a €200m (£177m) debt for equity swap, a €92m (£82m) rights issue and €150m (£133m) disposal programme.
November 17, 2009 at 07:52 AM
2 minute read
Freshfields Bruckhaus Deringer, Clifford Chance and Bingham McCutchen have advised on the on the €945m (£837m) debt restructuring of Independent News & Media (INM).
The struggling Irish publisher of The Independent and The Independent on Sunday has reached a deal with creditors after some eight months of negotiations that will include a €200m (£177m) debt for equity swap, a €92m (£82m) rights issue and €150m (£133m) disposal programme.
Freshfields advised INM on the deal with restructuring and insolvency chief Ken Baird leading a team alongside finance partner Ian Falconer and corporate partners David Sonter and Stuart Grider. INM turned to McCann FitzGerald for Irish advice, with the firm fielding a large team led by chairman John Cronin and corporate finance partner David Byers.
Clifford Chance came in for the eight banks providing debt facilities, with banking partner Nicola Wherity and restructuring partner Nicholas Frome at the helm. Arthur Cox provided local advice to the lenders.
Bingham's London office, meanwhile, represented the bondholders, 99.72% of which approved the restructuring plan last week. City head James Roome led the team for Bingham, with Maples and Calder advising the bondholders on Irish law matters.
The debt for equity swap with bondholders is part of a two-stage financial restructuring that will see bondholders take a 46% stake in the company. The rights issue, which is expected to take place in December, will be used to pay back €123m (£111m) to the bondholders.
The planned disposal programme will include the €98m (£87m) sale of its South African advertising business INM Outdoor. INM said that it expects to reduce its debt by €350m (£310m).
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