TMA Announces 2011 Turnaround and Transaction of the Year Award Winners
20 October, 2011
The International Company Turnaround of the Year Award, for La Seda de Barcelona, was presented to the following TMA members:
Alan Tilley, Bryan Mansell & Tilley LLP; Carlos Gila, Gila & Co; David Bryan, Bryan Mansell & Tilley LLP; Richard Tett, Freshfields Bruckhaus Deringer
La Seda de Barcelona’s grim future seemed certain after it was delisted from the Spanish stock exchange in 2009. The Barcelona-based petrochemicals company, a European leader in manufacture of plastic containers and PET resin for the beverage industry, owed more than 1 billion to a swath of Spanish and international senior lenders. The restructuring team instituted operational improvements around a core group of facilities, devised a 300 capital injection and restructured 600 million in senior debt using the novel technique of restructuring the debt under an English legal procedure called a scheme of arrangement.
Read more about the case.
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