Deal Announcement

PriestleySoundy has been advising the international Senior Management Team of KCA Deutag on their incentive arrangements in connection with the financial restructuring of KCA Deutag.

The financial restructuring, implemented via an English Scheme of Arrangement, saw $1.4bn of debt converted into equity in a new (Jersey) holding company and reinstated senior secured notes of $500m.  Existing shareholders received equity warrants in return for their support of the transaction.

KCA Deutag is an international drilling, engineering and technology group (serving both onshore and offshore drilling markets) which operates in more than 15 countries, with a strong presence in Europe, Russia, Africa and the Middle East.

The Ad-Hoc Creditors Committee was advised by Weil.  KCA Deutag was advised by Allen & Overy.

15 January 2021

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