Restructuring

November 19, 2020

Solocal Debt Restructuring Successfully Completed

November 2020, Paris The partial equitization of debt for Solocal, a company specialising in advertising and digital marketing, has successfully completed. As a result, the Group will receive cash proceeds for an amount of €85 million (net of the Support Fee) and will reduce its gross indebtedness by approximately €260 million, down to around €256 […]

Paris, Restructuring
November 12, 2020

Codere Restructuring Successfully Completed

November 2020, London The restructuring of international gaming operator, Codere Group, successfully completed last week. On completion of the restructuring, Codere Group’s new financing totals EUR 250 million through Super-Senior Notes issued in two tranches in Reg S and 144A form, via the ICSDs. GLAS was mandated on a significant number of roles for the […]

GLAS Team, Restructuring
November 10, 2020

PizzaExpress Restructuring Successfully Completed

November 2020, London PizzaExpress, the international casual dining group, successfully completed its comprehensive debt restructuring on 5 November 2020. As a result of the transaction, the group’s external debt has more than halved, from £735 million to £319 million, with debt maturities extended to 2025. The transaction involved a partial debt-for-equity swap of the existing […]

GLAS Team, Restructuring
November 5, 2020

PizzaExpress Granted Chapter 15 Recognition

November 2020, New York UK chain restaurant PizzaExpress has received Chapter 15 recognition for its UK restructuring plan, under the new Part 26A of the UK Companies Act yesterday. This will allow the company to procced with a reorganisation that will reduce £400 million in debt from the company’s balance sheet. GLAS has been heavily […]

New York, Restructuring
October 28, 2020

HEMA Debt Restructuring Successfully Completed

October 2020, London One of the largest and oldest Dutch generic housewares retailers, HEMA Group, engaged GLAS to work on its complex debt restructuring which successfully completed last week. On completion of the restructuring, HEMA’s existing bond debt, which originally amounted to €750 million, is more than halved to €300 million and its liquidity position […]

Restructuring
October 23, 2020

GLAS appointed Collateral Agent for Frigorifico Concepción Restructuring

October 2020, New York GLAS was recently appointed Collateral Agent for Frigorífico Concepción under the Bolivian Law Documents and the Paraguayan Share Pledge Agreement in connection with the Indenture entered into on January 29, 2020. Frigorífico Concepción is a meat wholesaler based in Paraguay. For more information, please contact media@glas.agency.

New York, Restructuring
October 12, 2020

GLAS appointed Agent and Trustee for Fairhold Restructuring

October 2020, London GLAS has recently been appointed Trustee, Security Agent, Calculation Agent, Paying Agent, Cash Manager, Bond Registrar, Share Registrar, Escrow Agent, Holding Period Trustee and Junior Debt Agent in connection with Fairhold Securitisation Limited’s £1 billion restructuring of its distressed securitisation structure. The restructuring resulted with the transfer of the Fairhold Group’s property-owning […]

Restructuring
October 7, 2020

GLAS appointed Agent for FatFace Restructuring

October 2020, London GLAS has recently been appointed Facility Agent, Security Agent and Escrow Agent for FatFace Limited’s debt-for-equity swap that has seen bank lenders and debt funds take control. As a result, the company will receive £15 million in new financing. Fat Face is a British lifestyle clothing and accessories retailer, based in Hampshire. […]

Restructuring
October 5, 2020

GLAS acts as Notes Trustee, Security Agent and Information and Tabulation Agent on HEMA’s Restructuring

London, October 2020 GLAS is acting on Dutch variety store-chain HEMA’s restructuring, which is being implemented via an English scheme of arrangement and related Dutch and US approvals, in its various capacities as Facility Agent, Security Agent, Super Senior and Senior Trustee and Super Senior and Senior Paying Agent. The restructuring involves English, Dutch and […]

Restructuring
July 7, 2020

GLAS Appointed Agent for HEMA Consent Solicitation

London, July 2020 GLAS Specialist Services Limited has been appointed Information and Tabulation Agent for the HEMA Bondco II B.V. Consent Solicitation, relating to the €150,000,000 8.50% Senior Notes due 2023 as outlined below: Regulation S Notes Common Code: 164764508 ISIN Number: XS1647645081 Rule 144A Notes Common Code: 164764524 ISIN Number: XS1647645248 The consent solicitation […]

Restructuring