Ben Davies

Adler Group
Representation of Adler Group, one of Germany's largest real estate groups, on its successive financial restructuring exercises. The initial financial restructuring involved an amendment to the terms and conditions of €3.2 billion of senior unsecured bonds through English restructuring plan proceedings and the incurrence of €937.5 million of new money. The subsequent financial restructuring implemented a comprehensive recapitalisation that resulted in a significant debt reduction and maturity extensions alongside several liquidity-enhancing measures. Adler Group is one of Germany's largest landlords holding over 25,000 residential units, largely concentrated in Berlin and North-Rhine-Westphalia, and its pre-restructuring debt load totalled in excess of €6 billion.

Vue
Representation of the cinema chain Vue International on its successful recapitalisation. Vue International secured 100 per cent lender consent to the recapitalisation steps, enabling a fully consensual implementation exercise, as part of which the ownership of the group passed to its senior lenders in exchange for a discharge of approximately £470 million of debt.

Swissport
Representation of Swissport, the world's leading provider of airport ground services and air cargo handling, on its comprehensive restructuring and recapitalisation. The restructuring provided Swissport with a delevered and strengthened balance sheet by addressing approximately €1.9 billion of existing debt, and left the business with improved liquidity with which to withstand the ongoing challenges posed by the coronavirus pandemic.

Lowen Play
Advised the revolving credit facility lenders in connection with the restructuring of Lowen Play, the German arcade gaming group.

Odeon Cinemas
Advised Oaktree Capital Management, Centerbridge Partners, Cross Ocean Partners, Barings LLC and Canyon Capital Partners LLC on the £400 million refinancing and upsizing of the existing credit facilities of the Odeon Cinemas group.

Pfleiderer Group
Representation of Strategic Value Partners on it successful €750 million takeover of Polish public company Pfleiderer Group S.A.

Concordia
Advised an ad hoc group of senior creditors in connection with the restructuring of Concordia, a publicly listed international generics pharmaceuticals business. Through a court-approved plan of arrangement under the Canada Business Corporations Act, Concordia's total debt was reduced from approximately US$3.7 billion to approximately US$1.4 billion and allowed Concordia to benefit from a US$586.5 million new money investment through a private placement share sale.

Kenya Airways
Advised Kenya Airways plc, the Kenyan flag-carrier and one of Africa's leading airlines, on its US$2 billion financial restructuring, which involved a re-profiling of payments owed to operating and finance lessors, a conversion of unsecured debts into newly issued equity in the company and the provision of a new multi-purpose facility from local banks.

Coast
Advised the group companies in the high street retail business in connection with an accelerated M&A process and sale by way of pre-packaged administration.

PHS acquisition
Advised Anchorage Capital Group on a joint offer (alongside M&G Investment Management) for all of the equity and stapled debt in the PHS Group, a leading provider of workplace services in the UK.

PHS restructuring
Advised a coordinating committee of first lien and second lien lenders in relation to the £930 million restructuring of the PHS group, a leading provider of workplace services in the UK, which was implemented pursuant to a scheme of arrangement.

Kaupthing hf restructuring
Advised Kaupthing in relation to its winding up proceedings, the fifth largest bankruptcy ever.

APCOA restructuring
Advised Deutsche Bank as new money provider, agent and security trustee on the restructuring of the APCOA Parking Group. The restructuring was implemented through a scheme of arrangement and resulted in a significant deleveraging of APCOA's balance sheet, a reduction in its debt by more than €440 million and €80 million of additional financing.

Globalworth
Advised Oak Hill Advisers and York Capital in connection with their investments in Globalworth.

WIND Hellas 2010 restructuring
The WIND Hellas group, the Greek telecommunications operator, on all aspects of its €1.8 billion financial restructuring, implemented by way of a scheme of arrangement and several 'pre-packaged' administrations.

WIND Hellas 2009 restructuring
Weather Investments S.p.A. in relation to the financial restructuring and sale of WIND Hellas Telecommunications S.A.