Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon group
Client(s) Ad hoc group of senior secured lenders
Jones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada. It is believed to be the first time an English scheme has been used to restructure debt issued by a U.S. based group and the first time that CCAA recognition of an English scheme has been granted.
As a result of the restructuring, the group's $1.1 billion funded debt balance was significantly reduced by more than half and additional liquidity was provided, in exchange for which the group's financial creditors received the majority of the equity in a new Dutch holding company. This complex cross-border restructuring involved Jones Day teams from around the world, including London, New York, Cleveland, Columbus, Boston, Amsterdam, Frankfurt, Madrid, Sydney, Sao Paulo, and Mexico City working seamlessly to promote the interests of the Ad Hoc Group and achieve a smooth and successful restructuring.