Mayer Brown advised Minsheng Financial Leasing Co., Ltd. and certain of its subsidiaries (“Minsheng Leasing”) in connection with a French court-approved restructuring of the Bourbon Maritime Group.
Minsheng Leasing was able to independently negotiate a customized deal with Bourbon Maritime and the working group of creditors to both successfully restructure its existing leasing arrangements and obtain a conversion of its outstanding claims into shares in Société Phocéenne de Participations SAS, the newly formed parent company of Bourbon Maritime.
As a result of the restructuring with its creditors, Bourbon Maritime was able to reduce the Bourbon Maritime Group’s debt by more than €1.5 billion. The restructuring process, which finally concluded in December 2020 after almost three years of negotiations and judicial proceedings, ideally will enable Bourbon Maritime to carry out its strategic action plan going forward.
Minsheng Leasing is one of the largest financial leasing institutions in China and has significant portfolios of shipping, aviation and equipment assets.
The Mayer Brown team was led by Banking & Finance partner Conor Warde (Hong Kong) and included: Litigation & Dispute Resolution – partner Bill Amos (Hong Kong), Banking and Finance – partner Patrick Teboul (Paris) and Corporate & Securities – partner Tom Thraya (Dubai).