Milbank LLP has advised an ad hoc committee of bondholders (“the Committee”) of Pearl Holding III Limited’s (“Pearl Holding”) 9.50% senior secured notes due 2022 (“the Notes”). The Committee represents approximately 60% in aggregate principal of the Notes worth US$175 million and agreed to the restructuring support agreement (“RSA”) on May 26, 2021.
The Committee comprises Pearl Holding’s two largest noteholders, BlackRock and Tor Investment, as well as Goldman Sachs and other members. Milbank advised the Committee on all aspects of the RSA.
Pearl Holding manufactures precision engineered plastic components and is a portfolio company of private equity firm Platinum Equity.
The Milbank team was led by Singapore-based partners David Zemans and Jacqueline Chan with associates Martin Wong, Hua Chan, and Jenny Zhang.
“Our involvement advising the ad hoc committee further reinforces Milbank’s reputation as trusted legal counsel to the world’s most sophisticated investors on high-level, cross-border restructuring mandates,” Mr. Zemans said.
Ms. Chan added: “We are pleased to have successfully represented the key stakeholders as they entered into a restructuring support agreement with Pearl Holding. With the support of our clients we hope to see Pearl Holding set forth on a path of long-term sustainability for years to come.”
