Linklaters has advised a syndicate of banks and funds in connection with the financial restructuring of the 299MW Tees Renewable Energy Plant, the world’s largest pellet biomass power plant. The power plant is located at Teesside, UK and is operated by MGT Teesside Limited (the “Company”), itself controlled by Macquarie Group and Danish pension group PKA.
The restructuring was implemented through a court-sanctioned Restructuring Plan and resulted in, among other things, the restructuring of the existing debt and the raising of £80m in additional funding to support the Company’s liquidity requirements.
The Restructuring Plan was sanctioned on 13 July 2023 by Mr Justice Michael Green in the High Court of England and Wales.
Linklaters’ cross-practice team consisted of partners Nick Le Masurier and Rowland Light, managing associate Tibor Korman, and associates Thalia Ioannidou and Grace Nisbet (Restructuring & Insolvency), partner Ross Schloeffel, managing associates David Leeming, Asha Joy and Niamh Sheerin, and associate Yulia Toksarova (Energy & Infrastructure), partner Vinay Samani and associate Raveena Kallakuru (Capital Markets), and partner Angus Graham and counsel Jo Jimenez (Leveraged Finance).
Linklaters’ global restructuring and insolvency lawyers handle the world’s most challenging and significant domestic and cross-border assignments, working closely with the firm’s top tier energy and infrastructure practice to bring holistic, asset and sector focussed support on the most complex restructurings across the energy and infrastructure market.
