NautaDutilh assisted an ad hoc group of lenders with the Luxembourg aspects of the cross-border financial recapitalisation of Swiss multinational specialty pharmaceutical company Covis Pharma.
On April 2023, Covis Pharma announced that it had entered into a restructuring support agreement. A few weeks later, the transaction resulted in Apollo retaining a majority ownership in the reorganised Covis Pharma, while the ad hoc group of first lien lenders received a substantial minority equity stake, in addition to the restructured first lien debt.
Romain Sabatier commented: “We are honoured to have assisted on this important restructuring that will enable Covid Pharma to be operationally and financially in a position to scale its business and the lenders to remain whole.”
Next to Romain, the team consisted of Jean-Marc Groelly (tax partner), Max Heuermann and Audrey Derep. Our team worked alongside the U.S. team of Weil, Gotshal & Manges LLP.