Appleby Advised Floatel On Its Restructuring
Law firm Appleby advised Floatel International Limited on its successful, fully comprehensive balance sheet restructuring.
A spokesperson said, “Appleby Bermuda advised Floatel International Limited and it subsidiaries [the Group] on its successful, fully comprehensive balance sheet restructuring. The Floatel Group is renowned for providing offshore accommodation and support vessels.
“This was a fully consensual deal with the support of key stakeholders being the group of 1L Bondholders, 2L Bondholders and the Bank Vessel Facility Lenders as well as a vast majority of the shareholders in respect of the Group.
“Through a combination of debt for equity and warrants conversions, the Group has managed to retain its existing fleet of five operating offshore accommodation vessels while substantially reducing its debt by $610 million and securing liquidity via a new $100 million revolving credit facility.
“Floatel is exiting its restructuring process well-positioned to tender for new business as the market recovers, thanks to its significantly deleveraged and well-capitalized balance sheet and with the continued support of its stakeholders and existing senior leadership.
“Appleby advised the Group on Bermuda law aspects of this cross-border transaction. The Appleby team was led by Partners Tammy Richardson-Augustus, Jerome Wilson and Steven White, with primary support from Senior Counsel John Riihiluoma and Senior Associate Lalita Vaswani. The team also included Counsel Tiffany Boys and Associate Riley O’Brien from the corporate team and Senior Associate Sam Riihiluoma from the dispute resolution team.”
