June 29, 2021
Weil advised an ad-hoc group of noteholders in relation to the corporate and financial restructuring of Obrascón Huarte Lain, S.A., a multinational construction and civil engineering group (OHL Group) headquartered in Spain. The restructuring was completed on June 28, 2021 and was implemented by way of an English Scheme of Arrangement.
The restructuring provides the OHL Group with extended debt maturities to enable it to realize non-core assets and reduce leverage, and will enable the group to focus on building its core business through investment in new projects with appropriate access to new bonding/guarantee facilities. For noteholders, the restructuring provides substantial credit enhancements.
The Weil team in London was led by Restructuring partners Neil Devaney and Matt Benson. They were assisted by Restructuring associates Jonathon New, Valean Gherendi and Wupya Nandap; Banking & Finance partners Patrick Bright, Nitin Konchady and Paul Hibbert, counsel Alexander Horstmann-Caines and Stefan Monaghan; Corporate partner James MacArthur and associates Jack Gray and Bonian Wu; Tax partner Jenny Doak, counsel Stuart Pibworth and associate Enda Kerin. Weil worked with Spanish law firm Cuatrecasas and financial advisers PJT on the deal.