We advised the administrative agent and revolving lenders on the transaction

Davis Polk advised the administrative agent and revolving lenders under the prepetition credit facility in connection with the €1.9 billion debt restructuring of Netceed.

The closing of the restructuring follows a binding agreement to recapitalize the company entered into by Netceed’s majority shareholder, preferred equity shareholders and its lenders. The deal was unanimously approved and resulted in a conciliation agreement sanctioned by France’s Nanterre court of economic affairs without the need for the opening of a sauvegarde in France. As part of the recapitalization, ownership of the company was transferred to its lenders and the company received access to a new money line to enhance liquidity. The transaction represents one of the largest leveraged debt-financed restructurings in Europe’s telecom-equipment sector.

Netceed is a leading global provider of network infrastructure for telecommunications and data centers.

The Davis Polk restructuring team included partner Brian M. Resnick, counsel Stephanie Massman and associates Lara Luo and James Nirappel. The finance team included partner James A. Florack and counsel Esam (Esamadeen) Ibrahim. The corporate team included partner Cheryl Chan and counsel Jacob S. Kleinman. Counsel Tracy L. Matlock provided tax advice. All members of the Davis Polk team are based in the New York office.

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