Shearman & Sterling advised Frigoglass S.A.I.C. in connection with the implementation of a scheme of arrangement under the Companies Act 2006 proposed by its subsidiary, Frigoglass Finance B.V. as part of the wider restructuring of the indebtedness of the Frigoglass group. The Scheme related to the restructuring of €250 million 8.25 percent senior notes due 2018 issued by Frigoglass Finance B.V. Shearman & Sterling is also advising the Frigoglass group on the restructuring of its existing bank facilities.
Shearman & Sterling also advised the Frigoglass group on a consent solicitation relating to the notes issued by Frigoglass Finance B.V., pursuant to which, among other things, the governing law of the notes was changed from New York law to English law to facilitate the jurisdiction of the English courts for the purposes of the Scheme. As part of the restructuring, Frigoglass Finance B.V. shifted its COMI from The Netherlands to the United Kingdom.
The scheme was sanctioned by The High Court of Justice of England and Wales on 1 August 2017, and became effective on 1 August 2017. Completion of the restructuring is subject to the completion of other elements of the restructuring and on the satisfaction of certain conditions.
Frigoglass supplies beverage refrigeration units and glass packaging materials to soft drinks and alcoholic beverage companies across five continents.
The Shearman & Sterling team below included partner Caroline Leeds-Ruby; counsels Jonathan Handyside and Leona McManus; and associates Tom Berisford, Ellaine Gelman, Joelle Wong, Miles Muirhead, Carla Russo, Teresa Mendez Florez, Iakovos Anagnostopoulos, Morgan Hill, Evangelia Andronikou, Gillian O'Regan and Sarah Moir-Porteous.