Transaction Highlights: Frigoglass Restructuring

Shearman & Sterling advised the Frigoglass Group on its successful capital restructuring (the "Restructuring"), which included the use of an English scheme of arrangement to restructure New York law governed high yield notes.

BACKGROUND

The parent company, Frigoglass S.A.I.C. (the "Parent") is incorporated in Greece and listed on the Athens Stock Exchange; it has subsidiaries in various EU countries and elsewhere in the world, but not in the UK. The Frigoglass Group manufactures packaging products and retail coolers for beverages, and is a leading supplier of high-quality glass bottles and related products to selected markets in Africa, Asia and Oceania.

In 2013 the Frigoglass Group issued €250 million high yield notes due 2018 (the "Notes") through a Dutch finance subsidiary, Frigoglass Finance B.V. (the "Issuer"). The Notes were issued under a New York law governed indenture. At the same time, the Issuer incurred revolving credit facilities of up to €50