Practice Areas - Restructuring and Insolvency Law Firms and Lawyers
| Deal Date: | 20-06-2017 | Practice Area: | Restructuring and Insolvency |
| Deal Title: | Archer Limited - Bermudan Scheme of Arrangement Restructuring | Industry: | Oil Equipment, Services & Distribution |
| Description: |
Ashurst advised Archer Limited, a global oilfield services company listed on the Oslo Boers, on its financial restructuring effected by means of a Bermudian scheme of arrangement. The amend and extend scheme was supported by approximately 94% in value of the scheme creditors and was sanctioned by the Supreme Court of Bermuda on 16 June 2017.
The scheme involved the amendment and restatement of a Norwegian law USD625 million revolving credit facility to provide the group with sufficient liquidity going forward and no fixed amortisations until March 31, 2020. The company also intended to seek recognition of the scheme under Chapter 15 of the US Bankruptcy Code.
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| Financial Center: | London | Value: | 500.01-1000.00 |
| Advised Party: | Group | Law Firm | Ashurst |
| Bermuda | Bermuda | ||
| Classification: |
Debt Restructuring |
Lawyer | Dan Hamilton |
