Please ensure Javascript is enabled for purposes of website accessibility

People

Big things are happening at Ogier. Change is embedded in everything we do. It is redefining our talent, our ways of working, our platforms of delivery, our culture.

Expertise

Services

We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.

View all Services

Employment law

Intellectual Property

Listing services

Restructuring and Insolvency

Business Services Team

Executive Team

German Desk

Accounting and Financial Reporting Services

Cayman Islands AML/CFT training

Corporate Services

Debt Capital Markets

Governance Services

Investor Services

Ogier Connect

Private Wealth Services

Real Estate Services

Regulatory and Compliance Services

Ogier Global

Consulting

View all Consulting

Sustainable Investment Consulting

LexTech - Technology Consultants

Business Services Team

View all Business Services Team

Sectors

Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.

View all Sectors

Aviation and Marine

BVI Law in Europe and Asia

Energy and Natural Resources

Family Office

Foreign direct investment (FDI)

Funds Hub

Private Equity

Real Estate

Restructuring and Insolvency

Sustainable Investing and ESG

Technology and Web3

Trusts Advisory Group

Locations

Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.

News and insights

Keep up to date with industry insights, analysis and reviews. Find out about the work of our expert teams and subscribe to receive our newsletters straight to your inbox.

Fresh thinking, sharper opinion.

About us

We get straight to the point, managing complexity to get to the essentials. Our global network of offices covers every time zone. 

No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm

Ogier advises PizzaExpress group on landmark restructuring

Deal

10 November 2020

Jersey

Ogier has advised PizzaExpress group on its successful restructuring.

The PizzaExpress restructuring plan of PizzaExpress Financing 2 plc (the Plan) is only the second to be launched, following the introduction of the restructuring plan procedure under the UK Companies Act 2006 at the end of June 2020.  

Ogier worked alongside Kirkland & Ellis to advise PizzaExpress across all aspects of the transaction, spanning structuring, regulatory matters and the restructured financing arrangements, including TISE listing issues.

The use of the new restructuring plan procedure incorporating Jersey entities both at a holding and operational level reinforces Jersey's commercially minded and flexible corporate and finance regime.

Prior to the COVID-19 pandemic, PizzaExpress operated 449 sites across the UK, 19 restaurants in Ireland and a number of restaurants internationally including in Hong Kong, Singapore and the UAE. Its business has been severely impacted by the ongoing pandemic. 

The Plan effects a major financial recapitalisation and restructuring transaction involving a de-leveraging of the Group by a reduction of its total indebtedness by c.£1 billion (comprising a reduction of its external debt from £735 million to £319 million and a write-off of shareholder loans of c.£538 million) and extension of debt maturities to 2025, the provision of new money funding of c.£144 million and a CVA to effect an operational restructuring of its leasehold liabilities. 

The Plan was sanctioned on 29 October, following the convening hearing on 30 September and plan meetings on 21 October. Recognition of the plan was successfully obtained under Chapter 15 of the U.S. Bankruptcy Code on 3 November from Judge Isgur of the U.S. Bankruptcy Court for the Southern District of Texas.

The restructuring effective date occurred on 5 November 2020.The CVA in respect of PizzaExpress (Restaurants) Limited (PERL) was overwhelmingly approved on 4 September, by over 89% of creditors voting, and by PERL’s shareholder.

Partner Bruce MacNeil, who led the Ogier team including James Lydeard, Tara O'Driscoll and Tshepang Phiri, said: "We are seeing more debt for equity swap transactions with Jersey incorporated, UK tax resident companies being established as acquisition and holding vehicles for restructuring transactions this year. The matter is significant because it demonstrates Jersey's ability to implement restructurings using the new restructuring plan procedure under English law, showcasing Jersey's continued flexibility for international restructurings."

No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm