COBALT advised SEB banka and Danske Bank as lenders in restructuring proceedings of VALMIERAS STIKLA ŠĶIEDRA and its subsidiaries.
VALMIERAS STIKLA ŠĶIEDRA GROUP is one of the leading glass fibre manufacturers in Europe. In June 2019 VALMIERAS STIKLA ŠKIEDRA commenced court supervised restructuring proceedings in Latvia and bankruptcy proceedings of its subsidiary in the U.S.
SEB banka and Danske Bank were actively involved in the restructuring of the Group’s business in Latvia and the United States as senior lenders to the Group. The joint efforts have resulted in a successful financial restructuring of the outstanding USD 104 million loan facility, attraction of a new majority shareholder to the Group and the sale of Group’s loss-making production units in the United States. Furthermore, within the process Danske Bank claims against the Group were acquired by Group’s new majority shareholder.
COBALT acted as a lead counsel to SEB banka and Danske Bank throughout the whole restructuring process. Our core team consisted from Partner Gatis Flinters and Specialist Counsels Edgars Lodzins and Andrejs Lielkalns. TroutmanPepper LLP and Dentons LLP were acting as U.S. and UK legal counsels for the clients.