Securing positive outcomes for stakeholders at a time of cash pressures
This $8m turnover group comprised wind and solar power installations in Chile and Europe. It was registered in Jersey with operational headquarters in Plymouth. It was AIM listed with equity investment of approximately $7m mostly institutional holders.
Financial pressure was caused by the failure of a fund-raising from a Canadian institutional investor due (allegedly) to the Brexit referendum outcome.
The Plc vehicle was placed into Administration in England under COMI rules. The AIM listing was initially maintained but a planned CVA exit was ultimately not pursued. The UK subsidiaries were placed into liquidation.
Through our efforts, the equity investment in the Chilean interests was sold to South American funds following an accelerated M&A process. CGT was paid in Chile and the Chilean secured debt (which was guaranteed by the plc) was assigned with no residual UK liability.
The preferential creditors were paid in full and a small dividend was paid to the unsecured creditors.
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