GLAS News

March 21, 2017

Orrick, the commercial and legal specialist talks about working with GLAS

The commercial and legal specialists at Orrick talk about their role in assisting GLAS in recent transactions.

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The Orrick team talks about assisting GLAS in the restructuring of the debt of Edcon

Edcon has been under severe pressure over the past few years. GLAS Trust Corporation Limited became trustee of two Senior Secured Notes of over €1 billion in principal amount issued by Edcon companies in July 2016. The highly complex cross-border restructuring of the capital structure, which closed on February 1, 2017, involved a large number of stakeholders, including South African and international lenders, bondholders and Bain as shareholder; reduced Edcon’s debt burden; and transferred ownership from Bain to a number of hedge fund creditors. Edcon’s operational debt has reduced to approximately R7 billion…

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Orrick assisted GLAS in the recent financial restructuring of SoLocal, the leading French provider of digital local media

Orrick assisted GLAS Trust Corporation Limited in the recent financial restructuring of SoLocal Group S.A., the leading French provider of digital local media and marketing…

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