SunStar
+ March 01, 2021 LAST week, I had dinner at Kang Kang Sullai, a very chic and expensive Korean restaurant at the back of Midori Casino inside Clark Freeport. It celebrated its third anniversary and I expected it must be filled with people, or at least half of its capacity following health protocols. But lo and behold there were hardly any customers when I arrived at around six in the evening. A year ago before the pandemic, at the particular time of the evening, even before the sun will set, almost all seats including the resto s function rooms were already teeming with diners. Now corona virus changed the atmosphere dramatically. I learned later that Koreans come now in trickles due to decreased flights.
WFW advises group of core creditors on Bourbon Maritime debt restructuring
Watson Farley & Williams (“WFW”) has advised an enlarged working group of creditors comprising certain French banking groups (the “French Creditors”), ICBC Leasing and Standard Chartered Bank (together, the “Creditors”) on the shipping-related aspects of the debt restructuring of French shipowner BOURBON Maritime (“Bourbon”).
The restructuring was extremely complex and challenging, and involved innovative strategies which have not been previously adopted in the maritime sector. During the three years it took to complete the restructuring, the Creditors successfully converted part of their debt into shares in Société Phocéenne de Participations (“SPP”), a French company established to acquire all of Bourbon Corporation’s assets. The acquisition of the assets of Bourbon Corporation by SPP represented the first judicial takeover by creditors of a French listed company in a French rehabi