APPLEBY ADVISE ON £353M SENIOR DEBT
FOR EQUITY SWAP BY SCHEME OF ARRANGEMENT
Appleby acted as Jersey counsel to the co-ordinating committee of senior lenders (comprising Barclays Bank, Commerzbank and EQT Credit) and SVPGlobal in relation to a £353 million senior debt for equity swap in relation to UK waste management firm Cory Environmental.
Cory Environmental owns nine landfill sites across the UK, and has contracts for recycling, street cleaning and waste collection across the country from Lincolnshire to Cornwall.
The Appleby team was led by corporate partner Andrew Weaver and assisted by consultant Joel Taylor.
Commenting on the transaction, Andrew Weaver said: “This was an interesting and challenging matter, involving a large number of parties. We are pleased to be able to have assisted the co-ordinating committee in developing an approach that has been accepted by all parties to the transaction. The transaction involved complex technical issues of Jersey law and demonstrates the flexibility of the Jersey corporate structuring provided for in the Companies (Jersey) Law 1991 as amended.”
The co-ordinating committee of senior lenders was advised by law firm Allen & Overy, while SVPGlobal was advised by Akin Gump.