Paisners oversees Ascot shake-up

Paisner & Co is advising on the £173 million restructuring of leisure group Ascot Holdings.

If successful, the refinancing will eliminate negative net worth of around u25 million and will replace this with shareholder funds of between u51 million and u61 million.

The legal team is led by partner Keith Stella, with partners Stephen Nelson (on new bank facilities and mezzanine finance) and Stephen Marshall (on Swiss bond offers).

Clifford Chance acted for members of three banking syndicates involved.

Travers Smith Braithwaite acted for Samuel Montagu, which underwrote a u27.3 million placing and open offer. Freshfields advised mezzanine financiers Electra Investment Trust.

The Ascot group aims to acquire new businesses and will continue its disposal programme of existing assets.