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Centerbridge ‘first of its kind’ to restructure through US bankruptcy

Centerbridge Partners L.P. has been purchased by Speedcast International Limited out of US bankruptcy, with assistance from MinterEllison. 

March 23, 2021 By Naomi Neilson
MinterEllison
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Firm: MinterEllison (Centerbridge Partners L.P.) 

Deal: MinterEllison has advised Centerbridge Partners L.P. in relation to its purchase of ASX-listed Speedcast International Limited out of US bankruptcy. 

Value: US$500 million. 

Area: M&A.

Key players: The team was led by partner Ron Forster with support from partners Michael Hughes, Michael Scarf, James Mok, Adrian Varrasso, and David Moore. Also assisting were special counsel Robert Yunan, senior associates Suzie Losanno, Anthony Sommer, Penny Robinson, Mellissa Lai and Alex Beagley. 

The team was also supported by associates Kate Reagh, Adrian Lowe, Patrick McCabe and lawyers Annabel Roden, Max Vos, Zareen Qayyum and Brittany Weir. 

Deal significance: The transaction was the first of its kind where an Australian listed company was able to restructure itself through a US chapter 11 bankruptcy process and an asset sale/purchase process in Australia without going into formal administration in this country. 

Mr Forster said the deal highlighted MinterEllison’s multi-jurisdictional restructuring, recapitalisation and M&A expertise. 

“This multi-dimensional, cross-border transaction showcases MinterEllison’s ability to deftly navigate complex insolvency and restructuring issues, financing and security arrangements, tax effects and FIRB considerations, all within challenging market conditions,” Mr Forster said.

Naomi Neilson

Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly. 

You can email Naomi at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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