Our New York, London and Toronto offices acted for The Bank of New York Mellon as indenture trustee on the landmark restructuring of the syncreon Group.
On 10 September 2019 the High Court in London sanctioned two schemes of arrangement as a part of the successful restructuring of the syncreon Group.
This transaction was unique because it involved a US based group utilising an English scheme of arrangement to restructure its debts, avoiding an all-encompassing insolvency process. Recognition of the English procedure was obtained in the US and Canada.
As a part of the restructuring of its US$1.1bn of debt, the group was seeking to modify debts owed under a US$680m senior secured credit facility and a US$225m senior note facility.
The restructuring included a release of the credit facility and the note facility in exchange for equity and, in addition, in the case of the credit facility, restated debt of US$225m. Total debt of the group was to be reduced to US$486m.
The Canadian team was led by Evan Cobb and included Alex Schmitt.