Cadwalader acted 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 innovative restructuring included 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, New York special counsel Gillian Moldowan, London associate Cort Malmberg and New York associate Andrew Greenberg.
Richard Brand, Brian McGovern
Joseph Moreno, Anne Tompkins
Cadwalader is sponsoring this event, where Stuart Goldstein will moderate the panel on CRE CLOs.