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Stephenson Harwood advises CEXIM on two significant shipping and offshore sector restructurings
Law firm Stephenson Harwood LLP has advised The Export-Import Bank of China (CEXIM) on two significant restructurings in the shipping and offshore sector.
The firm advised CEXIM as lender to Prosafe SE, an Oslo-listed operator of semi-submersible accommodation vessels, on the company's comprehensive recapitalisation. The transaction involved restructuring $193 million of the company's $343 million term loans, securing $75 million in new funding backed by an ad hoc group of lenders, and an amendment and restatement of the company's remaining outstanding facilities into a single $225 million agreement.
This was a complex cross-border deal, involving English, Norwegian, and Singapore law, which reached an out-of-court consensual agreement.
Maritime, Trade and Offshore Partner Jonathan Ward led the multidisciplinary team, supported by Managing Associate Elena Tang-Falzarano, Associate Kathleen Wan, and Restructuring and Insolvency Partner Ian Benjamin in London, and Virtus Law Partners Jason Yang and Lauren Tang, Senior Associate Angeline Yap and Associate Chit Yee Ooi in Singapore.
Separately, Stephenson Harwood advised CEXIM as holder of secured bonds in Bourbon Services Luxembourg, a subsidiary of Bourbon Offshore Group, in a French law conciliation process. The deal was part of Bourbon Offshore Group's wider debt restructuring, including an accelerated safeguard plan approved by the Marseille Commercial Court for Société Phocéenne de Participation (SPP), Bourbon's holding company. The plan involved significant debt reduction and new funding, with funds managed by affiliates of Davidson Kempner Capital Management and Fortress Investment Group set to become the Group's new controlling shareholders once the finalisation process is completed by the end of 2025.
Jonathan Ward led the team, based across the firm's London and Paris offices, and including Maritime, Trade and Offshore Partner Peter Theochari and Associate Kathleen Wan, Restructuring and Insolvency Partner Alexandre Koenig and Associate Martin Cormont, and Finance Partner Yann Beckers and Associate Francisca Tchouli.