March 25, 2021
Weil has advised Floatel International Ltd. and its subsidiaries (the Floatel Group) on its comprehensive, fully consensual balance sheet restructuring. The transaction involved first lien bondholders converting $400 million first lien bonds into new $230 million first lien bonds and 40.08% equity and second lien bondholders converting $75 million second lien bonds for warrants. Alongside these conversions, the Floatel Group secured new liquidity via a new $100 million revolving credit facility. In addition, the Floatel Group entered into settlement arrangements with other creditors that allowed the transaction to be effected within the existing corporate structure, thereby minimizing business disruption. The transaction required significant support from all of Floatel Group’s stakeholders including existing shareholders.
The Floatel Group is exiting the restructuring extremely well positioned to tender for new business as the market recovers, thanks to its significantly deleveraged and well-capitalized balance sheet, and with the continued support of its stakeholders and existing senior leadership.
The Weil team in London was led by Restructuring partner Andrew Wilkinson, Banking partner Paul Stewart and Corporate partner James Harvey, and included Restructuring counsel Lindsay Merritt; Restructuring associates James Ekwem, Valean Gherendi, Aziz Abdul and Harriet Fielding; Banking counsel Mae Morter and associate Cynthia Gao; Litigation counsel Matthew Akers; Corporate counsel Tomasz Rodzoch and associate Daniel Johnstone; and Tax partner Jenny Doak and associate Oliver Rosshandler.
The Weil team in New York was led by Restructuring partner Matt Barr, and included Tax partner Kimberly Blanchard and associates Aly Paddock and Daphne Papadatos.