Weil advised a group of holders (the “SSN-only Group”) of the €300 million 3.375% Senior Secured Notes due 2025 (the “Senior Notes”) originally issued by the Hurtigruten Group in a consensual process to amend and restate the Senior Notes.

The transaction facilitated the split of the Hurtigruten Group to form the two separate business under the HRN Group and HX Group, with the Senior Notes being reinstated at the HX Group on favorable terms for all holders of the Senior Notes. With the support of the SSN-only Group, the Hurtigruten Group was able to consensually implement the transaction in relation to the Senior Notes after obtaining the approval of the requisite two-third majority.

The transaction also resulted in a recapitalization of the HX Group, including the injection of an additional €140 million in junior capital. The additional capital gives the HX Group the resources to support the development of the HX business and continue its investment in a fleet of industry-leading ships.

Weil is pleased to have guided the SSN-only Group to this successful outcome.

The Weil team was led by Restructuring partner Matt Benson and High Yield partner Gilles Teerlinck. They were supported by counsel Harrison Cross and associates Lorenzo Colombi-Manzi and Yalini Ravi. Weil worked with Norwegian law firm, Advokatfirmaet Schjødt AS, and financial advisers, Moelis on the deal.