Kirkland Ellis Llp News

Morgan Stanley's infrastructure investment arm is teaming up with U.S. maritime, energy and logistics solutions company Crowley to advance offshore wind energy solutions for the United States.Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within Morgan Stanley Investment Management (MSIM), will hold a majority stake in Crowley Wind Services Holdings, a joint venture combining Crowley's end-to-end maritime and logistics capabilities with the financial strength and expertise of Morgan Stanley.

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the…

Aegean Marine Petroleum Network Inc. announced Tuesday that it has filed for chapter 11 bankruptcy protection as the New York listed marine fuel supplier is being investigated to determine whether there was $200 million fraud involving fake transactions with brass-plate companies.Aegean said it has financial support of Swiss strategic partner Mercuria Energy Group Ltd., one of the world’s largest independent energy and commodity companies. Mercuria has pledged more than $532 million in postpetition financing to fund the chapter 11 process and the Aegean’s working capital needs, and has agreed to serve as the stalking horse bidder in…

Cerberus Capital Management announced that one of its affiliates has entered into an agreement with TE Connectivity under which Cerberus will acquire TE's Subsea Communications business (SubCom).Headquartered in Eatontown, New Jersey, SubCom is a leading global supplier of subsea communications systems with approximately $700 million in revenue, based on fiscal year 2018 expectations. The business designs, manufactures, deploys, and maintains the subsea fiber optic cable systems that are vital for global communications.To date, SubCom has completed more than 100 cable systems and deployed over 610,000 kilometers of cable through its eight high-performance cable ships, which are among the most efficient and capable in the industry.

Listed bunker company Aegean Marine Petroleum has entered a memorandum of understanding with Mercuria Energy Group for a billion dollar refinancing and strategic partnership, says a company press release. Aegean Chairman and independent director of the Board, Donald Moore, said, “As part of the announced strategic review, the new leadership at Aegean has, in short order, brought forward an opportunity to completely redefine and optimize the Company’s capital structure, enhance near term liquidity and position the Company for a dynamic partnership with one of the world’s largest privately held integrated energy and commodity groups. “We…

New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. "We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H. Fraser, President and Chief Executive Officer.

Accelerating its strategic goal of reducing its total amount of outstanding indebtedness, Trico Marine Services, Inc. announced the appointment of Joseph Compofelice as non-executive Chairman of the Board and the retention of Lazard Freres & Co. LLC as financial advisor and Kirkland & Ellis LLP as legal advisor. This team will assist the Company's management in exploring various alternatives including selling assets, raising additional financing and restructuring the Company's debt, including its $250 million Senior Notes due 2012. Compofelice, a director of Trico since 2003, is chairman of the Company's Audit Committee and has served as an executive of several public companies including CEO of CompX International and CFO of Titanium Metals Corporation…