Taylor Wessing advises Fortune Management Inc. on its successful restructuring deal worth EUR 103m
Taylor Wessing LLP recently advised Fortune Management Inc. on the successful restructuring of bonds and loan notes totalling EUR 103m. Fortune Management Inc. is the holding company of an integrated Private Equity Group that manages funds and investment companies. The restructuring was finalised on 31 December 2008.
The transaction centred on Fortune Management's principal investments, the bio diesel group GATE and the wealth management activities of the Fortune Wealth Group. As a result of the decline in bio diesel markets and the worldwide financial crisis, Fortune Management Inc. initiated a restructuring programme in early 2008.
An international team of lawyers led by Taylor Wessing's Frankfurt office, and assisted by partners in London, advised Fortune Management Inc. in all aspects of the transaction. It included advising on the negotiations with the bond and loan note holders under German and English law, the holding of a bondholders’ meeting to amend the bonds, the structuring of the new debt instruments under Delaware and New York law and the entering into and closing of a restructuring agreement with the bond and loan note holders. Taylor Wessing also advised on the restructuring of the debt financing of the GATE Biodiesel Group with HypoAlpeAdria Bank.
Hassan Sohbi is Co-Head of the Equity Capital Markets Group in Germany and has advised Fortune Management Inc. since its initial public offering in 2000. Hassan Sohbi comments:
"This significant and complex bond restructuring transaction demonstrates the pan-European capabilities of Taylor Wessing. From our London office, Partners Martin Yells and Shane Gleghorn brought their financial and contentious expertise to this testing cross border case, helping to ensure a successful outcome for all parties and avoiding costly and time-consuming litigation."
Finance Partner Martin Yells and Financial Disputes Partner Shane Gleghorn at Taylor Wessing London comment:
"We are delighted to have assisted our German colleagues with the successful completion of this high profile restructuring, against a background of challenging market conditions and a diverse collection of lenders and other stakeholders."
Ends
Lawyers Hassan Sohbi, Martin Yells, Shane Gleghorn
Notes to editorsFor more information or to speak with Martin Yells or Shane Gleghorn please contact Helen Needham at Taylor Wessing: Tel: +44 (0)20 7300 4156 / 0770 297 6286Email: h.needham@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe, the Middle East and China. Based in Belgium, Dubai, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
www.taylorwessing.com
About Fortune Management Inc.
Fortune Management Inc. is the holding company of an integrated Private Equity Group that manages funds and investment companies. The shares of the company are listed in the General Standard of the Frankfurt Stock Exchange since early 2000 and on Nasdaq Dubai, UAE, since 2006. After the closing of the Restructuring Agreement Fortune Management Inc. operates the Private Equity Management Division, of which the main asset currently is a share in Fortune Super Equity L.L.C. in the United Arab Emirates.www.fortune-management.com
