International legal practice Norton Rose LLP has acted for a Co-ordinating Committee of Banks on the financial restructuring of Danaos Corporation, a leading international owner of containerships. The conclusion of this restructuring involved the rescheduling of approximately $2.5 billion of indebtedness, involving fourteen banks, the provision of five new money facilities for, in total, $426 million and the issue of warrants to purchase an aggregate of 15 million shares.
The work involved a team drawn from Norton Rose LLP’s London, Munich, Amsterdam and Athens offices. The successful restructuring will enable Danaos Corporation to complete its current programme of purchasing new containerships as well as rescheduling its existing debt.
The team was lead by London based partners Harry Theochari and James Stonebridge with assistance from Scott McCabe (of counsel), Dan Kennedy (senior associate), Barnabas Finnigan (associate) and Matt Thorn (associate).
Norton Rose also provided advice to one of the lenders. That team was led by Simon Hartley (partner) and Giles Brand (partner) with assistance from Natalie Phanekham (associate) and Amy Lindemann (senior associate).