Our shortlist includes two complicated and innovative
sovereign and sub-sovereign restructurings. These matters carry
huge implications and the highest of stakes.
Many of the cases evidenced seamless coordination across
multiple borders. And through deft handling, some of the
workouts ended years of inconclusive debt
ATU’s holding chain debt restructuring
ATU contained the first-ever Cayman Island pre-pack
restructuring. The deal marks a final restructuring and closure
for German tyre manufacture ATU after Centerbridge bought the
company out of a distressed sale in 2014. What makes the case
interesting is that the successful path followed in the
restructuring reinforces the strategy of driving an M&A
process and securing a buyer before restructuring.
The key innovations in the deal to get to a successful sale
were twofold. The ATU holding chain was restructured to
facilitate a solvent sale and the rescue of the underlying
operating group. Parties used...