The evolving pandemic recovery, inflation worries and preparations for rising interest rates around the globe have debt market participants weighing the likelihood of a wave of restructuring activity in H2 2022. Three senior women at GLAS—Group President Mia Drennan, Head of EMEA Joanne Brooks, and Senior Transaction Manager Katie Lacey—sat down to discuss what’s ahead […]
GLAS Specialist Services Limited has been appointed Information Agent in respect of the Restructuring Plan launched by Smile Telecoms, an African telecommunications provider. This is a landmark precedent as it is the first time since the introduction of the Restructuring Plan that the English High Court has used its discretion under section 901C(4) of the Companies […]
June 2021, London GLAS has recently been appointed Facility Agent and Security Agent on the US$50 million super senior new money injection to Smile Telecom Group in relation to the financial restructuring of the company and its subsequent implementation through a restructuring plan under part 26A of the English Companies Act 2006. Smile Telecom is […]
May 2021, London GLAS has recently been appointed to act as Indenture Trustee, Paying Agent, Registrar and Transfer Agent for Inspired Entertainment’s GBP 235 million 7.875% Senior Secured Notes due 2026 and as Facility Agent on its new GBP 20 million super senior revolving facility. GLAS has also been appointed to act as Security Agent […]
January 2021, London GLAS has recently been appointed as Facility Agent and Security Agent on Gategroup’s interim term loan facility. GLAS has also been appointed as Information Agent in connection with the group’s implementation of its proposed restructuring plan. Gategroup is a Swiss-headquartered group providing services to the international travel industry, including retail on-board services […]
January 2021, London GLAS has recently been appointed as the Syndicate Facility Agent (Global Loan Agency Services Limited) and Security Agent (GLAS Trust Corporation Limited) on the restructuring of the financial indebtedness of Nynas AB, a Swedish manufacturer of specialty naphthenic oils and bitumen products. The restructuring was implemented through a Swedish composition process and […]
January 2021, London GLAS Trustees Limited has replaced BNY Mellon Corporate Trustee Services as Note Trustee for EA Partners II B.V.’s US$500 million 6.750% notes maturing in June 2021, as approved by extraordinary resolutions of Bondholders. GLAS is the leading independent provider of debt administration services, providing services to clients globally with operations in the […]
December 10, 2020, New York American department store chain J. C. Penney announced on December 7, 2020 that it had closed on the sale of its operating business. GLAS Trust Company LLC has been appointed as Trustee for the Earnout Trust created in connection with the sale. Additionally, GLAS USA LLC and GLAS Americas LLC […]
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 […]
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 […]
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 […]
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 […]