Milbank Advises First Lien Ad Hoc Group on Restructuring of Floatel International Ltd

Milbank has advised the ad hoc group of secured first lien bondholders in connection with the approximately $850 million restructuring of Floatel International Ltd., a Bermuda-headquartered company with global operations across Australia, Bermuda, England, Norway, the Netherlands, Scotland, Singapore and Sweden. Floatel is an industry leader for the provision of offshore accommodation, safety and support vessels operating in extreme conditions.

Milbank advised the ad hoc group on all aspects of the cross-border transaction. Extensive negotiations amongst the key stakeholders, including new money providers, the first lien bondholders, the second lien bondholders, bank facility creditors and the existing shareholders resulted in a fully consensual restructuring achieved through the conversion of existing debt into new first lien bonds, equity in restructured Floatel and warrants, as well as the infusion of new money.

The Milbank team was led by London Financial Restructuring partners Yushan Ng and Sinjini Saha with associate Cort Malmberg. The team also included London litigation partner Mona Vaswani and associate Ilka Reglitz, and Leveraged Finance partner Suhrud Mehta and associate Andrew Bechtel. New York partners Eric Stodola and Andrew Walker advised with respect to certain US law matters.