LONDON (20 March 2008) — McDermott Will & Emery is delighted to announce that the Firm advised on International Financial Law Review's recently announced Restructuring Deal of the Year 2008 for its work on the Schefenacker Group restructuring. McDermott was also one of five firms to be nominated for team of the year in the restructuring category.
The Firm advised the owner of the Schefenacker Group, Dr Alfred Schefenacker, on all aspects of the consensual restructuring which completed in June 2007. The company underwent a comprehensive financial and operational restructuring which was effected by means of a novel transformation and migration of the group holding company from a German Aktiengesellschaft (AG) into an English public limited company (PLC), followed by an English law company voluntary agreement (CVA). On implementation of the CVA and the closing of related refinancing and equity recapitalisation, the Schefenacker Group restructured more than €500 million (£340 million) of debt, including senior and revolving debt, second lien debt, high yield bonds and various other obligations.
McDermott Will & Emery offers a fully integrated, broadly based restructuring and insolvency practice comprising more than 40 lawyers. This group employs the talents of our bankruptcy, corporate, tax, employee benefits, real estate, finance and banking, and litigation lawyers from all of the Firm’s offices.