Stibbe is advising the DeepOcean group on its restructuring. The case involves the first use of the new “cross-class cram-down” mechanism under Part 26A of the UK Companies Act 2006.
DeepOcean is a leading, subsea services provider to the offshore industry, principally focused on the oil and gas and offshore renewable sectors. The restructuring plans of three English-incorporated entities within the group were sanctioned by the English court on 13 January 2021. The plans included a variation of rights of certain creditors under parent company guarantees issued by the group’s Dutch holding company.
In this transaction Stibbe worked closely together with Kirkland & Ellis (London) and Thommessen (Oslo).
Click here for the press release of Kirkland & Ellis for further information.