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Waselius & Wist advised the ad-hoc committee of Alcentra, GSO Capital Partners and the Royal Bank of Scotland representing the Lenders in the Finnish law aspects of the debt restructuring transaction of European Directories (in Finland, Fonecta) where Triton contributed EUR 15 million of new equity and increased its ownership of European Directories to 50.1 per cent, with the remaining 49.9 per cent split between the Senior Lenders. The restructuring reduced the company’s debt from EUR 893 million to EUR 262 million.
Waselius & Wist represented the Junior Lender in the bankruptcy of 16 commercial real estate companies, so-called “Bronda” portfolio which were acquired by Bronda Properties B.V. in 2007 for a deal value exceeding EUR 300 million. The properties of the bankrupt real estate companies were sold to Niam, a Swedish real estate private equity firm, in July 2012. Most of the properties are located in prime central Helsinki area.
Waselius & Wist represents the syndicate of lending banks in the bankruptcy of Elcoteq, a company listed on Nasdaq OMX Helsinki.
Waselius & Wist represented the Senior Lenders as to Finnish law aspects in the EUR 2 billion restructuring of European Directories Group, a pan-European local search and lead generation company, in Finland Fonecta Oy, pursuant to which the Senior Lenders took over the company in a debt-for-equity swap.
Waselius & Wist represented the Senior Lenders in the restructuring of Paroc, a leading manufacturer of stone wool insulation materials and solutions, pursuant to which the Senior Lenders took a 87.5 % equity position in the company and the company’s debt of some EUR750M was simultaneously substantially reduced.