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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
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Geneva, Lugano, Zug, Zurich

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OC Oerlikon Restructuring

April 2010

In Switzerland's most prominent restructuring deal, OC Oerlikon Corporation announced on 1 April 2010 that it has reached agreement with its largest shareholder Renova (holding a 45% equity stake) and the lenders of the CHF 2.5 billion syndicated loan facilities on a comprehensive financial restructuring of Oerlikon. The agreed restructuring package, which includes a CHF 1000 million rights offering, will be implemented in the first half of 2010. Renova has agreed to inject CHF 450m in the share capital increase, while the group's lenders will waive some of the debt, enter into a new facility agreement, and swap debt for equity as part of the restructuring plan.

Bär & Karrer acted as Swiss legal advisor and Latham & Watkins as international counsel for Renova. The Bär & Karrer team included Ralph Malacrida and Till Spillmann.

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