The restructuring was executed by using administration appointments over Mouchel Group plc as part of an alternative plan developed to implement the restructuring in the event shareholders did not accept a 1p special dividend in return for their agreement to the transfer of the group to lender ownership as proposed in the circular dated 31 July 2012. The terms of the sale also ensure that all of the group’s trading subsidiaries can continue to trade as usual.
The Freshfields team advising Mouchel was led by finance partner Simon Johnson, corporate partner Farah Ispahani and restructuring partner Adam Gallagher. They were supported by finance associate Natalie Dyce, corporate associate Holly Kinchin-Smith and restructuring associate Emma Norman. Partner David Pollard led pensions advice and partner Murray Clayson led on tax advice.
The Freshfields team advising KPMG as administrators was led by restructuring counsel Anne Sharp supported by restructuring associates Priyanka Usmani and Kathryn Bruce.
Freshfields restructuring partner Adam Gallagher commented: ‘This is the latest in a number of plc restructurings that we’ve completed and an example of how administration techniques can be used effectively to create the right economics for businesses to prosper’.
ENDS
