Global law firm White & Case LLP has advised Vue International (Vue) on its successful recapitalisation.
"This deal illustrates the strengths of our financial restructuring practice, particularly when acting company-side on complex recapitalisations," said White & Case partner Christian Pilkington, who co-led the Firm's deal team. "Our team has successfully guided many clients through the volatile landscape and challenges that impacted businesses during the pandemic, and in its aftermath. The Vue recapitalisation follows other recent restructuring successes our team has accomplished for clients including Hertz, Swissport and Petra Diamonds' ad hoc group of noteholders."
Following a strong financial performance in the period prior to 2020, Vue faced a challenging trading environment as a result of government measures put in place across Europe in response to the pandemic. White & Case was appointed to advise Vue on a strategy to substantially deleverage its balance sheet, facilitate an injection of new liquidity and address certain contingent creditor claims. The transaction completed on January 26, 2023.
Following the execution of a lock-up agreement with key stakeholders in the summer of 2022, Vue secured 100 percent lender consent to the proposed recapitalisation. This allowed it to implement a fully consensual recapitalisation, as part of which the ownership of the group passed to its senior lenders in exchange for a discharge of approximately £470 million of existing debt.
The White & Case team that advised on the transaction was led by partners Christian Pilkington, Ben Davies (both London), Thomas Lauria (Miami & New York) and Andrew McDougall KC (Paris), and included partners Charles Balmain, David Lewis, Richard Lloyd (all London) and Riaz Janjuah (Hamburg), counsel Suzanne Thomson (London) and associates Ellen Campbell, Gautham Chandrakumar, Charlie Draper, Marion Genova, Lachlan Jolly, Julia Ogievetsky, Oliver Trotman, Richard Wilson (all London) and Jonas Tangermann (Hamburg). The White & Case team worked alongside Vue’s Chief Financial Officer Alison Cornwell and General Counsel Euan Sutton.
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