
Michael Killourhy
Partner
Legal
British Virgin Islands

Michael Killourhy
Partner
British Virgin Islands
Services
We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies enable us to add real value to our clients’ businesses.
Sectors
Our sector approach relies on smart collaboration between our business divisions, our service lines and our jurisdictions. These sector-based teams have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients see around corners.
We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies enable us to add real value to our clients’ businesses.
Legal
Corporate and Fiduciary
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Ogier provides practical advice on a unique combination of six laws: BVI, Cayman, Guernsey, Irish, Jersey and Luxembourg. Our global network covers Asian, European and US time zones.
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Providing exceptional and efficient service, our Corporate, Funds, Private Wealth and Capital Markets teams offer clients integrated legal and corporate administration services with a strong reputation in governance and regulatory compliance.
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Our experts provide independent guidance spanning advice and training to implementation and evaluation across sustainable investing, regulatory compliance and tech. Our tailored advice meets clients' specific needs, delivering flexible solutions and support.
Our sector approach relies on smart collaboration between our business divisions, our service lines and our jurisdictions. These sector-based teams have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients see around corners.
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.
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Deal
28 June 2022
British Virgin Islands
Ogier in the BVI has advised Constellation Oil Services Holding SA and its wider group, the Constellation Group, on its approximately US$2 billion debt restructuring.
The Constellation Group is a LatAm group working in the energy sector. In December 2018, entities within the Constellation Group, including a significant number of BVI domiciled entities, elected to commence a centralised restructuring in Brazil through a judicially supervised Brazilian recuperação judicial (RJ) in the First Business Court of Rio de Janeiro (the Brazilian Court). The original plan of reorganisation of (the Original RJ Plan) was confirmed by the Brazilian Court in July 2019 and the restructuring transactions provided for pursuant to the Original RJ Plan were substantially implemented in December 2019.
On 24 March 2022, upon the unanimous approval of the creditors of the Constellation Group, the Original RJ Plan was amended (the RJ Plan Amendment) and on 28 March 2022, the Brazilian Court confirmed the RJ Plan Amendment.
The RJ Plan Amendment called for a series of further restructuring and recapitalisation steps, including a US$800 million of the Constellation Group's indebtedness being restructured into convertible debt and the introduction of US$60 million of new financing in the form of super senior secured notes. Closing of these transactions took place simultaneously on 10 June 2022.
The transaction involved a number of complex BVI aspects, including, in addition to the take-on of new finance and security arrangements, a multi-layer BVI statutory merger involving multiple encumbered companies.
The Ogier transactional team was led by partner Michael Killourhy and included senior associate David Mathews and associate Tiffany Tolliss, with finance partner Ray Wearmouth also lending his expertise on aspects. The Ogier team worked with onshore counsel White & Case and the in-house team at Constellation Group to advise on the restructuring – as well as liaising closely with Ogier's disputes team, led by partner Grant Carroll, on BVI insolvency law matters.
Commenting, lead partner Michael Killourhy said: "Requiring legal and practical commercial expertise across corporate, finance, reconstruction and recovery disciplines this transaction perfectly demonstrates Ogier BVI's considerable strength across all areas of BVI commercial law and practice and our ability to swiftly marshal that talent and expertise to produce the most effective results for our clients."
British Virgin Islands
London
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Michael Killourhy
Partner
Legal
British Virgin Islands
Michael Killourhy
Partner
British Virgin Islands
Contact Michael
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David Mathews
Managing Associate
Legal
British Virgin Islands, London
David Mathews
Managing Associate
British Virgin Islands, London
Contact David
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Tiffany Tolliss
Senior Associate
Legal
British Virgin Islands
Tiffany Tolliss
Senior Associate
British Virgin Islands
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Ray Wearmouth
Partner
Legal
British Virgin Islands
Ray Wearmouth
Partner
British Virgin Islands
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Grant Carroll
Partner
Legal
British Virgin Islands
Grant Carroll
Partner
British Virgin Islands
Contact Grant
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