Cases & Deals

Veolia restructures debt and equity of dive support vessel "Swordfish" following collapse of shipping group, Harkand

Clients Veolia Environnement SA

Jones Day is advising the global environmental company, Veolia Environnement SA, following the collapse of the oil and gas shipping group, Harkand, arising from the continuing depression in global oil prices. Certain members of the Harkand group were placed into UK administration in May 2016.

Veolia, which sold the dive support vessel "Swordfish" to Harkand in 2013 in connection with disposition that year of its maritime waste management activities in North America, took steps to secure the vessel by appointing UK administrators, Chad Griffin, and Simon Kirkhope of FTI Consulting and fixed charge receivers, Geoffrey Rowley and Alastair Massey of FRP Advisory LLP. Veolia, together with the administrators and the receivers, subsequently restructured the debt and equity relating to the "Swordfish."