Norton Rose Fulbright advises Citibank on $2.2 billion restructuring of major containership owner

Legal, Shipfinance — By on August 17, 2018 at 2:37 PM

Yianni Cheilas,

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.

Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements. The transaction, which completed out of court,  resulted in a substantial balance sheet restructuring and recapitalization of Danaos and positions the company to take advantage of future growth opportunities in the container ship sector.

The team advising Citibank was led by banking partner Yianni Cheilas, and co-led by restructuring and insolvency partner James Stonebridge and shipping partner Richard Howley. US Chapter 11 support was provided by US partners Lou Strubeck and Greg Wilkes. Further support was provided in London by litigation partner Paul Morris and US law securities and corporate partner Tom Vita. The London and Athens team included senior associate Andy Williams, of counsel Irini Proukaki and associates Katie May, Nicholas Papadopoulos, Julie Walton, Alexandra Mikelis, Constantine Markides, Manos Chamilothoris, Katerina Karagouni and Martin Rustam and Oliver Webber. Additional New York law support and Liberia and Marshall Islands law advice was provided by New York partner Brian Devine and associate Nick Santangelo.

Yianni Cheilas commented:

“This complex and versatile transaction demonstrates Norton Rose Fulbright’s expanded and global capabilities with several teams across many offices operating seamlessly as a single unit to provide highly specialized advice in various fields across multiple jurisdictions and under challenging time-lines. This was a milestone deal in a difficult environment involving numerous stakeholders, but hopefully it is a major step forward for all involved.”

This matter is one of a number of major ship finance matters Norton Rose Fulbright has advised on in recent months, including advising Fortune Lianjiang Shipping S.A on the $1.2 billion financing and delivery of the world’s first converted floating liquefied natural gas production vessel, “Hilli Episeyo” and Gener8 Maritime on its merger with Euronav NV to create one of the world’s largest independent crude tanker operators.

Norton Rose Fulbright’s ship finance team is ranked as a Tier 1 practice by Chambers Global 2019 and received the i-law Maritime Law Award at the 2018 Lloyd’s List Americas Awards in May.

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