- English
-
Legal Services
Fiduciary Services
- AIFM & UCITS Management Company Services
- Accounting, Tax & Agency Services
- Commodity Pool Operator Services
- Company Secretarial & Board Support Services
- Conflict Review & Advisory Services
- Directorship Services
- Facilities Agent Services
- Permanent Office Solutions
- Power of Attorney & Proxy Agent Services
- Private Client Services
- Trustee Services
Fund Services
Regulatory & Compliance
-
Americas and Caribbean
Europe
-
PUT YOUR CAREER INTO GEAR
-
-
EDPB's Approach to GDPR Fines
10 Aug 2022
Deals
Maples Advises SCC Power on Acquisition of Stoneway's Business Enterprise
23 Jun 2022
Maples and Calder, the Maples Group's law firm, is pleased to have recently provided British Virgin Islands ("BVI") counsel to CC Power plc ("SCC Power"), and its related entities, on its acquisition of the business enterprise of Stoneway Capital Corporation ("Stoneway"). Stoneway's business enterprise consists of four power generation facilities located in Argentina.
The acquisition and restructuring transactions were effected pursuant to the Chapter 11 Plan and the plan of arrangement pursuant to the Canada Business Corporations Act of Stoneway and its affiliated debtors-in-possession, which was effective on 17 May 2022. As consideration for the assets, SCC Power issued to certain Stoneway creditors and interest holders US$17,861,000 6% Secured First Lien Notes due 2028, US$310 million 8% Secured Second Lien Notes due 2028 and US$200 million 4% Secured Third Lien Notes due 2032. The first interest payment under the notes is due on 15 September 2022.
The BVI-based legal team was led by Partner Chris Newton (Corporate) with assistance from Partner Matthew Freeman (Dispute Resolution & Insolvency) and Associates Amel Wehden (Corporate) and Annabel Cole (Corporate). The team acted alongside SSC Power's US counsel Simpson Thacher & Bartlett LLP, Canadian counsel McCarthy Tétrault LLP and Stewart McKelvey and Argentinian counsel Tavarone, Rovelli, Salim & Miani.
Commenting on the transaction, Chris said, "We are pleased to have advised SCC on this cross-border restructuring transaction working closely with the deal teams in the US, Canada, Argentina and BVI to deliver a solution to the Stoneway business and its creditors. Our talented and experienced BVI team continues to be instructed on complex restructuring mandates such as this transaction which reflects our expertise in the BVI."
The Maples Group continues to be at the forefront of innovative, highly-complex restructuring deals within the BVI jurisdiction which include advising Constellation Group on its US$1.5 billion global restructuring in July 2020.
Related Services
Corporate
Related Contacts
Related Articles
-
Deals
Maples Group Supports Three Chinese Companies with Dual Primary Listings in Hong Kong
25 Jul 2022
-
-
Announcements
Maples Group Wins Three Awards at China Business Law Awards 2022
15 Jun 2022
-
Deals
Maples Group Supports First Cayman Islands Entity to List on Three International Stock Exchanges
06 Jun 2022
-
Announcements
Maples Group Wins Nine Finance Dublin Deals of the Year Awards 2022
01 Jun 2022
-
-
-