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On June 24, 2022, Credit Suisse Asset Management (“CSAM”) announced it has reached an agreement with Bluestone Resources (“Bluestone”) that maps out a plan for the payment of cash to noteholders, including the Supply Chain Finance (“SCF”) funds, which can then be distributed to investors in those funds.
Under the terms of the agreement, Bluestone has committed to making recurring payments to noteholders from the free cash flow generated, beginning in June 2022, up to a maximum amount of $320 million. These payments would be shared between all noteholders, meaning that approximately 81 percent of the total would be allocated to the SCF funds – specifically to the Credit Suisse (Lux) Supply Chain Finance Fund and to the Credit Suisse Nova (Lux) High Income Fund. The proceeds from any sale of the Bluestone entities would be shared between the Justice family and the noteholders. With respect to any outstanding balance following any sale of the Bluestone entities, CSAM intends to seek recovery through enforcement of its rights, including under the relevant insurance coverage. To date, all insurance claims relevant to Bluestone have already been filed. An aggregate nominal total of USD $850 million is outstanding, of which $690 million is due to the two SCF funds. Cravath is representing CSAM in connection with the agreement.
The Cravath team is led by partners Paul H. Zumbro and George E. Zobitz and includes associates Isaac H. Todd and John A. Marcin on financial restructuring and reorganization matters; partner Omid H. Nasab and associates Melissa A. Syring and Micaela J. Pina on litigation matters; of counsel Christopher J. Kelly, senior attorney Will C. Giles and associate DongHwa Kim on banking matters; and partner Andrew M. Wark on M&A matters.
Deals & Cases
February 01, 2023
Cravath represented the underwriters in connection with the registered offering of $3.75 billion of senior notes of Credit Suisse AG, a wholly owned subsidiary of Credit Suisse Group, a global financial services company. The transaction closed on January 9, 2023.
Deals & Cases
February 01, 2023
Cravath represented the managers in connection with the CHF 2.2 billion rights offering of shares of Credit Suisse Group AG in Switzerland. Credit Suisse Group AG is a global financial services company. The shares were listed on the SIX Swiss Exchange. The transaction closed on December 9, 2022.
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