Stibbe advised on the transformative restructuring of the Frigoglass Group
Stibbe advised Frigoglass on the consensual recapitalisation and financial restructuring of Frigoglass S.A.I.C. and the group of companies formerly controlled by it (the “Frigoglass Group”).
The restructuring was implemented by way of a consensual and coordinated security enforcement process, including a Dutch law enforcement process with respect to the shares in Frigoinvest Holdings B.V. As part of the process, permission was granted by the Netherlands Commercial Court for a share pledge enforcement. The restructuring transaction was supported by all key stakeholders, including the major indirect shareholder of Frigoglass S.A.I.C. and the overwhelming majority of the holders of the €260 million senior secured notes due 2025 (the "Existing Notes"). Following implementation of the restructuring, 85% of the share capital of the Frigoglass Group is now owned by a newly incorporated holding structure owned by former noteholders of the Frigoglass Group. Frigoglass S.A.I.C. holds the remaining 15% in the new Frigoglass Group.
As part of the restructuring, €75 million new first lien senior secured notes due 2026 were issued to certain holders of Existing Notes and €150 million of senior secured second lien notes due 2028 were issued to all holders of Existing Notes. The existing €260 million senior secured notes due 2025 were cancelled in full as part of the restructuring.
Stibbe worked alongside Milbank LLP (London) on the transaction.