FFW secures US$400 million telecoms reorganisation and disposal
01 August 2006
Field Fisher Waterhouse LLP (FFW) has been instructed by new
client, Pacific Crossing, to advise on the UK elements of the
group’s restructuring. The Pacific Crossing group owns and
operates a 13,000 mile fibre optic telecommunications cable network
linking Japan and the US.
The Pacific Crossing group is in Chapter 11 in the US and the
Chapter 11 procedure is also governing its overseas subsidiaries,
including Pacific Crossing UK Limited, an English company
(PCUK). As part of the US$659 million financial and corporate
restructuring, PCUK underwent a US$403 million debt-equity exchange
and subsequent transfer of ownership into the newly reconstituted
group.
The series of transactions will culminate in the final
completion of the reorganisation later this year.
Pacific Crossing instructed FFW following the arrival of
corporate partner, Neil Foster, from US firm Morrison &
Foerster earlier this year.
Neil Foster comments: “FFW has one of the most active telecoms
practices in Europe, which was one of the reasons I joined.
Our reputation in telecoms, media and technology has helped attract
considerable new business to the firm, of which the Pacific
Crossing mandate is a good example.”
The Orange County and New York offices of Baker & Hostetler
advise Pacific Crossing on US matters. White & Case’s New
York and London offices advise the agent of the senior lenders,
Deutsche Bank.
This is the second major TMT deal for FFW this month, following
the £70 million acquisition and AIM flotation of Chinese media
organisation, Sun TV Shop. The newly formed company will
provide a route for western luxury brands to sell to China, through
TV shopping channels, the internet and mobile phones.
For further press information please contact:
Ben Girdlestone, Communications Manager on 020 7861 4968
Louise Eckersley, PR Executive on 020 7861 4120