Acquisitions Monthly Names Dubai World 2010 “Restructuring Deal of the Year”

Acquisitions Monthly

February 08, 2011

Latham & Watkins advised the Government of Dubai and the Dubai Financial Support Fund in the restructuring of Dubai World, which was named Acquisitions Monthly’s 2010 “Restructuring Deal of the Year.”  Acquisitions Monthly described the deal as “the largest and most complex EMEA restructuring of 2010.” Acquisitions Monthly also recognized a number of “notable restructuring deals in progress or completed in 2010,” including five on which Latham & Watkins advised:

  • Oerlikon, the Swiss conglomerate “which achieved a SFr1.3bn reduction in net debt”; Latham advised Renova industries as majority shareholder.
  • Martinsa Fadesa, the real estate company, “which at €7bn became Spain’s largest in-court restructuring ever”; Latham advised MatlinPatterson as creditor. 
  • Panrico, the Spanish pastry producer “acquired by Apax for €880m in 2005, but which is now in the hands of lenders”; Latham advised the ad hoc committee of PIK lenders.
  • Stabilus, the German maker of gas springs, “which was heavily exposed to the automotive sector downturn and was restructured without resorting to a debt-for-equity swap, but by using a profit participating loan structure”; Latham advised Anchorage Advisors as secured lender.
  • Wind Hellas, a leading European mobile telecommunications company, which “at €3.7bn, [was] the largest pre-packaged administration”; Latham advised Morgan Stanley on the transaction.

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