![]() ![]() TiL is one of the largest and most geographically diverse container terminal investors globally. About Terminal Investment Limited SARL (“TiL”) bankruptcy court entered an order approving the deal on January 23, 2017, and the transaction successfully closed on February 1, 2017. bankruptcy court approval of the transaction. creditor challenges to the deal, and win Korean and U.S. The firm also worked with Hanjin’s counsel to overcome U.S. ![]() Morris Nichols lead the negotiations with the Ports and the lenders, and successfully obtained the required concessions and consents to allow TiL to close the transaction. TiL’s plan for TTI required renegotiating agreements with the Port of Long Beach, the Port of Seattle, TTI and HTEC’s lenders, and other constituents to effectuate a restructuring of TTI. (“ HTEC”), an equipment leasing company at the Port of Long Beach. As part of the deal, TiL and HMM also purchased for $5.5 million Hanjin’s interests in and shareholders loans to Hanjin Shipping TEC, Inc. The joint bid of TiL and HMM ultimately prevailed as the highest and best bid with cash consideration of $72.5 million plus assumption of the $320 million TTI credit facility and other consideration. TiL, advised by Morris Nichols, took steps to preserve its rights as an owner of TTI through court filings in Korea and the United States, while also participating in a Korean-court supervised sale process to acquire Hanjin’s stake in TTI via a joint bid with HMM. When Hanjin abruptly sought bankruptcy protection in September 2016, these volumes and revenues immediately ceased, causing TTI to become distressed. Hanjin and its shipping alliance members accounted for approximately half of the container volume and revenues at TTI terminals. Until recently, Hanjin and TiL owned 54% and 46% of TTI, respectively. TTI operates Pier T, the busiest terminal at the Port of Long Beach, Calif., and Terminal 46 at the Port of Seattle, Wash. Robert Dehney, Eric Schwartz, and Matthew Harvey from the Morris Nichols Business Reorganization & Restructuring group, and Jason Russell and Nathan Barnett from the firm’s Commercial Law Counseling group worked on the engagement. The deal required approval of the courts in the Republic of Korea and the United States overseeing Hanjin’s cross-border insolvency proceedings, as well as approval of the Ports of Long Beach and Seattle and the lenders on TTI’s $320 million secured credit facility to effectuate a concurrent restructuring of TTI’s obligations. (“ HMM”) joined with TiL in the acquisition and obtained a minority stake in TTI. The complex deal successfully closed on February 1, 2017. (“ Hanjin”) of a controlling stake in Total Terminals International, LLC (“ TTI”), a Delaware limited liability company which operates two marine terminals on the U.S. ![]() Wilmington, DE (February 6, 2017) - Morris Nichols successfully represented Terminal Investment Limited SARL (“ TiL”) as lead counsel in its cross-border acquisition from Hanjin Shipping Co., Ltd. ![]()
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