Latham & Watkins has advised on the successfully completed debt-for-equity financial restructuring of FatFace.
The restructuring involved a significant reduction in FatFace’s operating group leverage and the provision of £15 million of committed new financing, enabling FatFace to invest in and deliver its current business strategy, while also supporting the business with any funding requirements arising as a consequence of the COVID-19 pandemic.
As part of the restructuring, which was implemented consensually, ownership of the business has transitioned to the group’s lenders who Latham & Watkins represented.
The multi-disciplinary Latham team was led by London restructuring and special situations partner Yen Sum and counsel David Wallace, with associates Jack Isaacs, Stephen Kennedy, and Hafza Hussein. Corporate and equity matters were led by London partner Huw Thomas with associates Alice Drayton and Ciara Faughnan-Moncrieff. London partner James Chesterman, with associates Luke Lado, Vincent Chan, Natasha Goddard, and Tulika Sinha assisted on banking aspects, while employment and benefits matters were handled by London partners Catherine Drinnan and Sarah Gadd, with associates Kendall Burnett and Adam Ray. Tax advice was led by New York partner Jiyeon Lee-Lim with associate Anne McGinnis, alongside London partner Karl Mah, with associate Robert Thomas. Antitrust advice was provided by London partner Jonathan Parker, with associates Alexandra Luchian and Nootan Vegad.