Norton Rose advises on €300 million restructuring of ATHEX listed Maillis Group
17 November 2011
International legal practice Norton Rose Group has advised the bank lenders to Maillis Group, the Athens Stock Exchange listed multinational packaging company, on its circa €300 million financial restructuring and recapitalisation.
Norton Rose Group represented a syndicate of European banks as the mandated arrangers and lenders to Maillis Group.
Lawyers from eight offices advised on the transaction, which involved a wide range of restructuring features, including a debt for equity swap, a convertible bond issue, cross-border security and debt capitalisation that has resulted in the lenders now owning over 75 per cent of the company.
Yianni Cheilas, partner, Norton Rose LLP, commented:
“This transaction has been described by a number of our clients as one of the most complicated restructurings to have closed in Europe in recent memory. It features pretty much every restructuring tool you come across in cross-border restructurings.”
“We had to field an international team with experience across the full spectrum of the transaction, drawn from our offices throughout Europe and Canada. We are delighted that, after almost three years of work, the restructuring of the Maillis Group has completed.”
The team was led by partner Yianni Cheilas in Athens and partner James Dunnett in London, assisted by Niki Alexandrou, Harry Almpanidis and Eliana Miliou in Athens and James Stonebridge, Ksenia Orlova, Matthew Thorn, Laura Blake, Kate Langley and William Lo in London.
Support from other offices was provided by:
- Amsterdam - partner Wouter Hertzberger, assisted by Rik de Groot and Mei Land Man
- Athens - partner Vassilis Koroxenidis, supported by Dimitrios Rampos, Pavlos Maris and Vera Theofilaktou
- Brussels - partner Christian Filippitsch, assisted by Maria De Lasala Lobera
- Milan - partner Gennaro Mazzuoccolo, assisted by Mario Rondinella and Luigi Costa
- Montreal - partners Steve Malas and Serge Levy, assisted by Michele Friel
- Munich - partner Dirk Trautmann, assisted by Markus Radbruch and Steffi Birkholz
- Warsaw - partner Grzegorz Dyczkowski, supported by Tomasz Rogalski, Joanna Braciszewska and Krzysztof Gorzelak.
Bingham McCutchen LLP advised the US noteholders of Maillis Group.
For further information please contact:
Christina Nomikou, business development manager, Norton Rose LLP
Tel: +30 210 94 75 430; Mob: +30 6949984704
christina.nomikou@nortonrose.com
Jane Lougher, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2063; Mob: +44 (0)7595 886 200
jane.lougher@nortonrose.com
Editors note
Norton Rose Group is a leading international legal practice offering a full business law service to many of the world’s pre-eminent financial institutions and corporations from offices in Europe, Asia Pacific, Canada, Africa and the Middle East.
The Group’s lawyers share industry knowledge and sector expertise across borders to support clients anywhere in the world. The Group is strong in financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and pharmaceuticals and life sciences.
Norton Rose Group has more than 2600 lawyers operating from 39 offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Calgary, Canberra, Cape Town, Dubai, Durban, Frankfurt, Hamburg, Hong Kong, Johannesburg, London, Melbourne, Milan, Montréal, Moscow, Munich, Ottawa, Paris, Perth, Piraeus, Prague, Québec, Rome, Shanghai, Singapore, Sydney, Tokyo, Toronto and Warsaw; and from associate offices in Dar es Salaam, Ho Chi Minh City and Jakarta.
Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia, Norton Rose OR LLP, Norton Rose South Africa (incorporated as Deneys Reitz Inc), and their respective affiliates.