rss icon Subscribe
desktop mobile

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Photo: Danaos Corporation

Shailaja A. Lakshmi

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world's largest independent owners of modern, large-size containerships.

Norton Rose Fulbright's Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.

The transaction, which completed out of court, resulted in a substantial balance sheet restructuring and recapitalization of Danaos and positions the company to take advantage of future growth opportunities in the container ship sector.

The team advising Citibank was led by banking partner Yianni Cheilas, and co-led by restructuring and insolvency partner James Stonebridge and shipping partner Richard Howley. US Chapter 11 support was provided by US partners Lou Strubeck and Greg Wilkes.

Further support was provided in London by litigation partner Paul Morris and US law securities and corporate partner Tom Vita. The London and Athens team included senior associate Andy Williams, of counsel Irini Proukaki and associates Katie May, Nicholas Papadopoulos, Julie Walton, Alexandra Mikelis, Constantine Markides, Manos Chamilothoris, Katerina Karagouni and Martin Rustam and Oliver Webber. Additional New York law support and Liberia and Marshall Islands law advice was provided by New York partner Brian Devine and associate Nick Santangelo.

Yianni Cheilas commented: "This complex and versatile transaction demonstrates Norton Rose Fulbright's expanded and global capabilities with several teams across many offices operating seamlessly as a single unit to provide highly specialized advice in various fields across multiple jurisdictions and under challenging time-lines. This was a milestone deal in a difficult environment involving numerous stakeholders, but hopefully it is a major step forward for all involved."

This matter is one of a number of major ship finance matters Norton Rose Fulbright has advised on in recent months, including advising Fortune Lianjiang Shipping S.A on the $1.2 billion financing and delivery of the world's first converted floating liquefied natural gas production vessel, "Hilli Episeyo" and Gener8 Maritime on its merger with Euronav NV to create one of the world's largest independent crude tanker operators.

Aug 19, 2018

 

Legal

Diana Shipping Signs TC Contract for m/v Artemis with Ausca

Image: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a

ATCO Buys 40% Stake in South American Port

Neltume Ports, a subsidiary of Ultramar, operates in 16 port facilities and three stevedoring businesses primarily located in Chile and Uruguay. Photo: ATCO Ltd.

Calgary-based natural gas, electrical and real estate giant ATCO is getting into the

Marine Low Sulphur Fuel: Organizing the Switch

John LaRese.jpg

The International Maritime Organization’s (IMO) decision to implement a 0.50 percent cap on

Container Ships

Maersk to Spend $2 Bln to Meet 2020 Sulphur Cap

(Photo: Eric Haun)

Maersk Line said it will introduce a new Bunker Adjustment Factor (BAF) surcharge designed to

New Report Highlights Positive Impact of Illinois International Port District

The Illinois Port District

The Great Lakes Seaway Partnership announces the release of Economic Impacts of the Port of Chicago

In Wake of 'Olivia', Pasha Hawaii Resumes Cargo Ops

(File photo: Pasha Hawaii)

Honolulu-based ocean carrier Pasha Hawaii resumed operations last night at Pier 1 and Pier 51 at

Maritime Apps