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.