Gilbert + Tobin has advised an ad hoc group of creditors in relation to the successful A$1.1 billion restructuring of ASX-listed Boart Longyear Limited.

This complex restructuring involved two inter-dependent creditor schemes of arrangement to effect a debt-for-equity swap of approximately A$1.1 billion of debt into 98.5% of the equity in the recapitalised group as well as a member scheme of arrangement to transfer Boart Longyear’s corporate domicile from Australia to Canada. The transaction also involved seeking Chapter 15 recognition in the United States for the schemes and the implementation of an exit finance facility for the group.

The matter was led by Restructuring + Insolvency partner Dominic Emmett, with assistance from lawyer Peter Madden along with international law firms Paul Weiss and Clifford Chance.

Gilbert + Tobin’s Restructuring + Insolvency team is recognised by all major legal directories. Gilbert + Tobin was awarded Restructuring & Insolvency Law Firm of the Year (Australia) 2021 and 2020 by Global Law Experts and won Insolvency & Restructuring Deal of the Year at the 2020 Australasian Law Awards.

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