07 February 2023
Carey Olsen advises on Vue recapitalisation
Carey Olsen, Jersey has advised the ad hoc committee of senior secured lenders in relation to a comprehensive debt restructuring of European cinema operator, Vue International group (Vue).
The transaction, which was implemented contractually on a fully consensual basis, saw Vue's first-lien lenders take 100% equity ownership of the business and resulted in a significant deleveraging of Vue's balance sheet as well as access to £75 million of additional liquidity. The new capital structure puts the cinema chain in a strong position to continue to recover and accelerate growth following the pandemic.
Working alongside lead onshore counsel, Latham & Watkins, the Carey Olsen team was led by partners Kate Andrews and James Willmott and supported by senior associates Rebecca McQuillan and Aldo Plater, and associates Tsakani Kona, Anastasija Kornejeva and Catriona Urquhart.
Kate Andrews commented: "We're pleased to have advised the ad hoc committee of Vue's senior secured lenders and to have demonstrated Carey Olsen's expertise in restructuring matters of this complexity."
Vue is the largest privately owned cinema operator in Europe and operates across 227 sites in nine countries.