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Milbank LLP acted as English restructuring counsel to the ad hoc group of noteholders of Food Delivery Brands S.A. (FDB, f/k/a Telepizza) in FDB’s restructuring through a Spanish restructuring plan. The transaction involved capitalization of 67% of the €335 million of existing bonds and a €60 million capital injection under a new €100 million facility. The noteholders acquired full control of the company and the maturity of the remaining debt is extended to 2028. The transaction closed in January 2024.
Food Delivery Brands is a leading multi-brand pizza delivery group based in Spain and operating more than 1,800 locations across seven markets as Telepizza, Pizza Hut, Jeno’s Pizza, and Apache Pizza.
The Milbank restructuring team advising the ad hoc group was led by partner Karen McMaster and included special counsel Nicholas Crossin and associates Isabel Langlois and Truman Whitney. The team also included Capital Markets partner Rebecca Marques and associates Vasujith Ram, Manel Mostefaoui, and Rishi Ray.
The transaction is an early example of successful use of a court approved restructuring plan under the Spanish restructuring law reformed in 2022. The plan involved antitrust approvals and coordination of corporate entities and security across seven jurisdictions. Milbank advised the ad hoc group alongside Spanish counsel Gómez-Acebo & Pombo and financial advisor Rothschild & Co.
