Abengoa’s €3.4 Billion Restructuring

Milbank, together with Spanish counsel GAP, acted for the SOM Committee in connection with the 2019 €3.4 billion restructuring of Abengoa.

The SOM Committee swaps their existing notes for mandatory convertible notes (total amount of issuance approximately €1.15bn and $562m) which maintained the amount and relative seniority of the SOM Committee’s existing debt position in the Abengoa group while allowing for the infusion of new money.

Abengoa, S.A., together with its subsidiaries, provides technology solutions for the energy and water sectors in Spain and rest of Europe, North America, Brazil and rest of South America, and internationally.

The Milbank team was led by Financial Restructuring partners Yushan Ng (Picture) and Sinjini Saha, with special counsels Nicole Stephansen and Tina Lockwood and associates Cort Malmberg, Kate Colman, Elin Gosby and Laura Saul. The team also included London Leveraged Finance/Capital Markets associates Alastair Gillespie and Andrew Bechtel and London Tax partner Russell Jacobs and associate James Seddon.

Involved fees earner: Andrew Bechtel – Milbank; Kate Colman – Milbank; Alastair Gillespie – Milbank; Elin Gosby – Milbank; Russell Jacobs – Milbank; Tina Lockwood – Milbank; Cort Malmberg – Milbank; Yushan Ng – Milbank; Sinjini Saha – Milbank; Laura Saul – Milbank; James Seddon – Milbank; Nicole Stephansen – Milbank;

Law Firms: Milbank;

Clients: Abengoa SA – SOM Committee ;

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