Leading firms act on largest UK pre-pack deal for Wind Hellas
A raft of UK and US firms, including White & Case, Bingham McCutchen, Allen & Overy (A&O) and Slaughter and May, are advising on the UK's largest ever pre-pack administration. Wind Hellas, one of Greece's largest mobile phone operators, filed for administration with the English High Court earlier this month, with parent company Weather Investments set to rescue the business.
November 26, 2009 at 06:39 AM
2 minute read
Mobile phone operator Wind Hellas rescued by parent company
A raft of UK and US firms, including White & Case, Bingham McCutchen, Allen & Overy (A&O) and Slaughter and May, are advising on the UK's largest ever pre-pack administration.
Wind Hellas, one of Greece's largest mobile phone operators, filed for administration with the English High Court earlier this month, with parent company Weather Investments set to rescue the business.
Weather Investments will keep control of the company through the pre-pack administration, putting in a €124.6m (£112m) cash injection after more than half of the company's senior creditors approved a €3.2bn (£2.87bn) debt restructuring.
White & Case is advising Weather Investments, with London banking and capital markets partner Mark Glengarry leading. Denton Wilde Sapte is advising Wind Hellas, led by restructuring partner Nigel Barnett.
Administrator Ernst & Young has turned to Slaughters, where insolvency partner Sarah Paterson and finance partner Miranda Leung are advising.
Magic circle firm A&O is advising a consortium of 17 banks led by JP Morgan, with banking partner Nicholas Clark and restructuring partner Katrina Buckley leading.
Bingham's London head, James Roome, is advising the senior secured noteholder committee, while Linklaters banking partner Yushan Ng is advising the senior unsecured noteholders. Together the senior noteholders own around €1.5bn (£1.34bn) of debt in the company. The restructuring will give them an increased interest rate on this debt.
Meanwhile, Jones Day banking partner Michael Pabst is advising the lowest tranche of subordinated bondholders, who are collectively expected to face losses of around €1.15bn (£1.03bn). They have threatened to mount a legal challenge to the administration, instructing Quinn Emanuel Urquhart Oliver & Hedges.
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