KLF advised the Super Senior and Senior Secured Lenders in the Wind Hellas €1.4bn debt restructuring

Our
Firm advised the Super Senior and Senior Secured Lenders on the Greek 
Law aspects of the €1.4 bn subordinated debt restructuring of Wind 
Hellas.
Based on the precedent of the “IMO Car Wash” case, Wind Hellas Group, a Greek fixed and
mobile telephone operator controlled by Mr. Naguib Sawiris, restructured its
€3.2bn Group debt (the “Wind Restructuring”). The Wind Restructuring involved the transfer
of
the center of main business of Wind Hellas II, the 100% parent entity 
of the local telecoms operator Wind Hellas SA, to London so that Wind 
Hellas II would fall within the scope of UK law administration rules. 
Such rules allowed for a Court monitored pre-pack sale by Wind Hellas II
of its shares in Wind Hellas SA to Weather Investments III, an entity 
controlled by Mr. Sawiris, in order for Wind Hellas to be put under 
administration and repay its €1.4bn subordinated debt by
the proceeds
of this sale. Given that the only actual asset of Wind Hellas II was 
Wind Hellas SA’s shares (the only operating company in Wind’s Group)
Wind Restructuring had to be reviewed and
consented by the €1.8bn Super Senior, Senior Secured and Senior Lenders of Wind
Hellas SA.


Our firm acted as the advisor of Super Senior and Senior Secured 
Lenders on Greek Law matters. JP Morgan was the Agent of the Lenders, 
A&O UK and Luxembourg advised the Super Senior and Senior Secured 
Lenders on UK and Luxembourg Law matters and Karatza & Partners and 
White & Case advised Wind Hellas SA on Greek Law and UK Law matters,
respectively.
This
"saga" of the restructuring of Wind´s Group continues as the process 
for a new restructuring is now underway in which our firm advises the 
Super Senior Lenders and the Security Agent.