Cayman Islands:
涉及DIP融资的开曼群岛协议安排
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近期Schahin II Finance Company (SPV)
Limited(开曼群岛注册成立票据发行人)的重组会引起破产从业人员的格外关注,因为这是首次将开曼群岛协议安排用于提供债务人持有资产("DIP")优先救助融资。该案例突显出开曼群岛灵活的司法管辖权,有完善的重组工具可供使用,可能标志着跨境重组的新趋势。
债务重组需要透过开曼群岛协议安排实施,以修订及延长若干原纽约州法律管辖票据的条款,以允许发行优先级别的新一批票据。原始票据契约项下发生各种违约事件,这意味着票据受托人在大多数票据持有人的指示下已采取各种行动,包括导致2015年Marshalls
Islands钻井船(抵押品的主要部分)被英国海事法院扣留。2018年,英国海事法院准许票据受托人开始出售船舶,但Schahin当时的现金流量及资产负债表均资不抵债。
重组旨在筹集新融资,以便继续支付船舶高昂的月度维护费用,这将使票据受托人有更多的时间来确定合适的买主并出售船舶或签订新的租船合约。在DIP融资中注入约1500万美元(由获得船舶第一级抵押且该抵押优先于票据的若干票据持有人提供)意味着钻井船免于迫在眉睫的减价出售,并且足以支付高昂的月度维护费用。债权人现在有了获得更好回报的适当机会。该安排由开曼群岛大法院批准(此前在必要的安排会议上获得绝大多数票据持有人批准),并根据《美国破产法》第15章在美国获认可并强制执行
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