Leading law firm, Henry Davis York, (HDY) has advised the mezzanine syndicate of 15 hedge funds and special situation institutional clients on the restructuring of their exposures to the medical imaging group, I-Med.
HDY was engaged by the mezzanine syndicate when I-Med, and its sponsor CVC, announced to its lender group that its senior and subordinated debt would require significant restructure.
The HDY team was led by partners, Roger Dobson and Robert Tracy who were supported by senior associates Sarah Williams Hart and Naomi Philp. They provided advice to the mezzanine syndicate on all aspects of this complex and multi-faceted transaction. This included advising on the implications under the Corporations Act of the value proposition of the I-Med group restructure and the syndicate's contractual rights and strategic legal advice in the restructuring negotiations with all stakeholders.
The team successfully negotiated an outcome which converted the mezzanine debt into a piece of the senior debt and equity in the recapitalised I-Med structure.
According to Roger Dobson: "Given the different stakeholder interests, the complexity in the structure of the business and the potential value destruction from an insolvency process, this was an extremely good outcome for everyone."
Some of the other significant, high profile restructurings that HDY has advised on in 2011 include Reliance Rail, Centro Properties Group, Colorado and Redcape.