The restructuring was implemented through a Swedish composition process and reorganization plan which involved the group’s largest lenders compromising and reducing their unsecured claims in exchange for the benefit of a new security and guarantee package. The restructuring was approved by the Swedish District Court of Södertörn on November 30, 2020 and became effective on January 19, 2021.
The GLAS team consisted of Mia Drennan (Founder, Co-Chair, and Group President), Restructuring & Insolvency team members Natasha Chan and Anthony Stanford, and Luxman Jegatheeswaran (Transaction Manager).
The Sidley team in London was led by partners and co-heads of the Restructuring group Mark Knight and Jifree Cader with support from Restructuring associates Dhevine Chandrapala and Raveena Ubhi and Global Finance associate Iram Tariq. The team was also supported by Bryan Robson (partner, Global Finance), William Gwyn (senior associate, Global Finance), Andrew Shoyer (partner, Global Arbitration, Trade and Advocacy), Barbara Broussard (partner, Global Arbitration, Trade and Advocacy), Sven De Knop (partner, Global Arbitration, Trade and Advocacy), and Justine Fassion (associate, Global Arbitration, Trade and Advocacy).