Cadwalader was among the law firms acknowledged for their work on the Roust Corporation’s complex restructuring and reincorporation – a matter named by The American Lawyer as “Global Finance Deal of the Year: Insolvency and Restructuring (U.S.) as part of the 2017 Global Legal Awards.
The American Lawyer awards honor matters that demonstrate the industry's ability to navigate complex international legal issues, and the Roust work was selected from among well over 200 entries from firms across the globe. Grand prize winners in the four main categories – Citizenship, Disputes, Mergers and Acquisitions, and Finance – will be announced on September 25 at a celebration in New York.
Cadwalader’s work on the restructuring and reincorporation was significant. Acting as transatlantic adviser to the Ad Hoc Committee of Convertible Noteholders, as international and restructuring counsel, on a complex cross-border transaction involving the restructuring of approximately US$780m existing bond liabilities alongside the provision of significant new money by existing stakeholders, the firm was also able to assist in the reincorporation of Roust Corporation from Delaware to New York to facilitate the participation of Russian creditors.
Roust Corporation and its affiliates are not only one of the largest producers of vodka in the world but they also operate one of the largest alcohol importation and distribution networks in Europe. The utilization of a pre-packaged chapter 11 plan in the Southern District of New York Bankruptcy Court, which enabled only a single week between filing the bankruptcy petition and confirmation of the plan, maximized Roust’s value by allowing uninterrupted trading of integral operating subsidiaries in key jurisdictions, including Poland and Russia, and minimizing disruption to Roust’s day-to-day business.
The Cadwalader team was led by London partner Richard Nevins and included London partners Sinjini Saha and Gregory Petrick; New York partners Ingrid Bagby, Michele Maman, Linda Swartz and Edward Wei; London associate Cort Malmberg and New York associate Andrew Greenberg.
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Robert Cannon will discuss the U.K.’s new insurance-linked securities framework.