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Weil Guides Ad Hoc Group of Lenders in Covis Pharma's Cross Border Restructuring

Weil advised an ad hoc group of first lien term lenders in relation to the cross-border financial recapitalization of, and super senior new money financing for, Covis Pharma, a multinational specialty pharmaceutical company headquartered in Switzerland. The restructuring transaction was completed on May 30, 2023 and was implemented by way of an out-of-court exchange that received the support of 100% of Covis Pharma’s first lien and second lien lenders and the company’s existing financial sponsor, Apollo Global Management. The transaction results in Apollo retaining majority ownership of the reorganized Covis Pharma, while the ad hoc group of first lien lenders received a substantial minority equity stake, in addition to the restructured first lien debt.

The Weil team in the U.S. was led by Restructuring partners Matt Barr and David Griffiths and Restructuring senior associate Chase Bentley. Other Weil U.S. team members included Merger & Acquisition partner Gavin Westerman and Merger & Acquisition associate Chelsea Carpenter, Private Equity partner Rick Frye and Private Equity associate Nicolas Lee, and Tax partner Greg Featherman and Tax associates Andrew Piper and Sydnei Jones, and Banking & Finance associates Solomon Leung and Dax Zhang. The Weil team in London was led by Restructuring Partners Neil Devaney and Lois Deasey.  They were assisted by Banking and Finance partner Reena Gogna, Restructuring counsel Nick Fortune, and Restructuring associates Harrison Cross and Angus Napier.  The ad hoc group was also advised on the transaction by Houlihan Lokey, Inc., as financial advisor, and NautaDutilh, as Luxembourg counsel.