Schemes of arrangement
Schemes of arrangement and other court supervised restructurings
We are the leading Cayman Islands firm on the restructuring of companies and other entities by way of court-supervised processes, including schemes of arrangement. We have successfully implemented restructurings of solvent groups to give effect to mergers, spin-offs and takeovers, and of distressed groups to effect rehabilitations.
Notably we drove and structured the largest ever Cayman Islands contentious cross border restructuring, advising Ocean Rig UDW and three of its subsidiaries in relation to the complex, cutting edge and successful restructuring of US$3.7 billion of financial indebtedness. Among other innovations, the restructuring involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and the first use of a Cayman Islands STAR trust in a restructuring.
We act for the entities themselves, their investors, creditors and insolvency/turn-around professionals.
Examples of our recent cases include:
- Ocean Rig UDW – acting for the Cayman Islands holding company and its three Marshall Islands incorporated subsidiaries in relation to the ground breaking restructuring of US$3.7 billion of New York law governed debt through highly contested Cayman Islands schemes of arrangement.
- Fu Ji Food and Catering Services Holdings Ltd – acting for this deeply distressed Hong Kong listed Cayman Islands company on its proposed rehabilitation using novel restructuring tools.
- Gallery Media Group Ltd - acting for this deeply distressed BVI company on its successful restructuring by way of scheme of arrangement.
- Henderson Group plc – acting for Henderson Group in its successful takeover of Gartmore Group Ltd.
- Subsea 7 Inc – acting for this listed Cayman Islands company on its successful court-supervised merger with Acergy SA.
We offer our clients expertise and strength in depth. We understand your problems, and offer practical solutions.