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Watson Farley and Williams advised Altera on Chapter 11 restructuring



As one of the leading offshore services groups, Watson Farley and Williams has emerged with a strong balance sheet and foundation aiming towards a long-term growth. Watson Farley and Williams have advised Altera Infrastructure regarding its restricting process for Chapter 11 in the United States. This task of restructuring has targeted to address over 1 billion USD$ of secured and unsecured holdings of the company’s debts amounting from US$ 400 Million of preferred equity and US$ 550 Million of secured asset-level bank debt. Also, this move was seen as a comprehensive attempt to reprofile the bank loan facilities of Altera to align with cash flow with its debt service obligations equitizing to US$ 1 billion as junior debt obligations.


However, this effort enabled Altera to strike a deal with Equinor UK Limited for a bareboat charter Petrojarl Knarr, as an FPSO vessel that will generate cash flows for the future. Altera is one of the leading global energy service provider companies that work for supporting the oil and gas industry, ranging from supplying critical infrastructural assets to its customers in the offshore oil and gas regions of the North Sea, Brazil, and the East Coast of Canada.


The team for Watson Farley & Williams had previously advised Altera on English and Marshall Islands Law, Finance, and Maritime matters including various aspects of Petrojarl Knarr’s charter and transactions involving Brazil, Austria, Thailand, Hong Kong, and Singapore.


 

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