Global law firm Norton Rose Fulbright represented the Coordinating Committee of Secured Lenders and Agents (CoCom) in the restructuring and emergence of Altera Infrastructure L.P. from Chapter 11 bankruptcy protection on January 6, 2023.
UK-based Altera Infrastructure L.P. is a leading international midstream services provider to the oil and gas industry, supplying critical infrastructure assets to its customers primarily in offshore regions of the North Sea, Brazil, and the East Coast of Canada.
Altera commenced Chapter 11 proceedings on August 12, 2022 in the US Bankruptcy Court for the Southern District of Texas, and the U.S. Bankruptcy Court confirmed Altera’s pre-arranged plan of re-organisation on November 4, 2022.
Norton Rose Fulbright partner Eleanor Martin, who co-led the team advising CoCom, said:
“This was a large and complex restructuring, spanning multiple jurisdictions. We are delighted that this restructuring has now successfully concluded and that there is a stable structure in place for future growth.”
The CoCom is comprised of financial institutions and export credit agencies (ECAs) representing over $500 million in debt, secured by certain of Altera’s vessels. The financial institutions and ECAs include ABN AMRO Bank N.V.; Citibank N.A., London Branch; Credit Agricole Corporate and Investment Bank; DNB Capital LLC; DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main (as successor to DVB Bank SE); Eksportfinansiering Norge / Export Credit Norway (Eksfin) (as successor to Garanti-Instituttet for Eksportkreditt); National Australia Bank Limited; and The Export-Import Bank of Korea.
The multi-disciplinary, cross-border shipping and insolvency team representing CoCom was led by London partner Eleanor Martin, New York partner David Rosenzweig and Dallas partner Kristian Gluck. The international team included, among others, partner Yianni Cheilas in Athens; partner James Stonebridge, senior associate Olivia Cullen, associate Vicky Jeong, counsel David Metzger, trainee Simeon Pavlov, and paralegal Thomas Logan in London; senior counsel Francisco Vazquez in New York; senior counsel Jason Blanchard and associate Michael Berthiaume in Dallas; senior associate Julie Harrison in Houston; and partner Sue Ann Gan and associate Zara Ann Loh in Singapore.
PJT Partners also advised the CoCom on the restructuring through its teams in London and New York.
