Ferrier Hodgson acts as Scheme Administrator in successful Bis Industries Schemes of Arrangement
1 February 2018
Ferrier Hodgson partners Ryan Eagle and Morgan Kelly acted as Scheme Administrators in respect of the successful completion of two schemes of arrangement for the Bis Industries group, the Australia-based resources logistics and materials handling provider.
The senior lender scheme delivered ownership and control of the Bis Industries group to its senior lenders via a debt for equity swap, while the PIK scheme extended the due date on the PIK notes in return for a portion of the equity in the recapitalised Bis Industries group.
This large and complex AUD1.2 billion restructure positions the recapitalised and de-leveraged Bis Industries group well for future growth.
Scheme Administrator Ryan Eagle said, “We are pleased to see the schemes completed with the support of the Group’s creditors and advisors, and look forward to the future success of the Bis Industries group”.
Ferrier Hodgson’s team regularly works alongside stakeholders to restructure and turnaround businesses. Other recent examples include the restructuring of Emeco Holdings, Peabody Energy, Atlas Iron, Callide C Power Station, Carbon Energy, the Keystone Group, Parramatta Leagues Club, Sumo Salad and Top Shop / Top Man.