Law firm Noerr has advised Close Brothers Seydler Bank on the restructuring of the EUR100 million bonds of 3W Power, the holding of the AEG Power Solutions Group.
Core elements of the restructuring plan concluded in May between the company and the creditors were a debt-to-equity-swap of 50 per cent of the bond value and the issue of a new bond.
Close Brothers Bank acted as clearing office for the bonds and for the implementation of the approved restructuring measures. In addition to the swap and the issue of a new bond, the measures also included a capital increase for cash and a management incentive programme.
Close Brothers was advised by the Frankfurt capital markets lawyer and Noerr partner Laurenz Wieneke. Team Treuhand GmbH, which is part of the Noerr Group, was also involved in the transaction as joint representative of the bondholders.
