International legal practice Norton Rose Group has advised the bank lenders to Maillis Group, the Athens Stock Exchange listed multinational packaging company, on its circa €300 million financial restructuring and recapitalisation.
Norton Rose Group represented a syndicate of European banks as the mandated arrangers and lenders to Maillis Group.
Lawyers from eight offices advised on the transaction, which involved a wide range of restructuring features, including a debt for equity swap, a convertible bond issue, cross-border security and debt capitalisation that has resulted in the lenders now owning over 75 per cent of the company.
Yianni Cheilas, partner, Norton Rose LLP, commented:
“This transaction has been described by a number of our clients as one of the most complicated restructurings to have closed in Europe in recent memory. It features pretty much every restructuring tool you come across in cross-border restructurings.”
“We had to field an international team with experience across the full spectrum of the transaction, drawn from our offices throughout Europe and Canada. We are delighted that, after almost three years of work, the restructuring of the Maillis Group has completed.”
The team was led by partner Yianni Cheilas in Athens and partner James Dunnett in London, assisted by Niki Alexandrou, Harry Almpanidis and Eliana Miliou in Athens and James Stonebridge, Ksenia Orlova, Matthew Thorn, Laura Blake, Kate Langley and William Lo in London.
Support from other offices was provided by:
- Amsterdam - partner Wouter Hertzberger, assisted by Rik de Groot and Mei Land Man
- Athens - partner Vassilis Koroxenidis, supported by Dimitrios Rampos, Pavlos Maris and Vera Theofilaktou
- Brussels - partner Christian Filippitsch, assisted by Maria De Lasala Lobera
- Milan - partner Gennaro Mazzuoccolo, assisted by Mario Rondinella and Luigi Costa
- Montreal - partners Steve Malas and Serge Levy, assisted by Michele Friel
- Munich - partner Dirk Trautmann, assisted by Markus Radbruch and Steffi Birkholz
- Warsaw - partner Grzegorz Dyczkowski, supported by Tomasz Rogalski, Joanna Braciszewska and Krzysztof Gorzelak.
Bingham McCutchen LLP advised the US noteholders of Maillis Group.
For further information please contact:
Christina Nomikou, business development manager, Norton Rose LLP
Tel: +30 210 94 75 430; Mob: +30 6949984704
Jane Lougher, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2063; Mob: +44 (0)7595 886 200