Taylor Wessing has advised a ship financing bank that is helping an issuing house to incorporate several ships from a closed fund into a new company (recapitalisation platform). The issuing house was therefore able to find a solution for its ailing shipping funds and to offer its investors new perspectives.
To reconcile the conflicting interests of investors and lenders, a finance and corporate law structure was set up.
The recapitalisation platform discharged the loans of several banks by means of a new loan from the bank that was advised by Taylor Wessing together with subsequent payments by fund investors and capital from a new investor.
Shareholders of the recapitalisation platform became, along with the issuing house, the limited partnerships who each brought in their one ship. Its investors remained shareholders of the limited partnerships, therefore having the opportunity to participate in an operationally and financially stable structure.
The Taylor Wessing team included Hamburg partners Dr Oliver Rossbach (finance/restructuring) and Dr Stephan R Göthel (corporate/restructuring) and associate Dr Felix Keinath.