The international law firm Goodwin has advised Vallourec's RCF Ad hoc Committee Lenders (including BNP Paribas, Natixis, BFCM) on the financial restructuring of the group, a world leader in the manufacture of steel tubes and tubular solutions for the oil and gas markets.
On 3 February 2021, Vallourec SA concluded an Agreement in Principle with its principal creditors on a significant reduction of its financial debt (by more than half of the principal of its debt, amounting approximately at €3.5 billion), the refinancing of the residual debt, the securing of significant liquidity and the granting of operational financing by the banks. This transaction, supported by the two reference shareholders of the Group, enables Vallourec to consolidate its balance sheet in order to implement its strategic plan.
The safeguard plan reflecting the Agreement in Principle will be submitted to the commercial court of Nanterre in the context of the safeguard proceedings opened on 4 February.
The Goodwin team, advising commercial banks, is composed of Céline Domenget-Morin (partner), Arnaud Fromion (partner) and Laurent Bonnet (associate) on Financial aspects and Christophe Digoy (partner) on Corporate aspects for the Paris office, William P. Weintraub (partner), Kizzy L. Jarashow (associate) for the New York office on the Restructuring aspects and Ettore A. Santucci (partner) for the Boston office on the High Yield aspects.For more information, read the press release.