Paul Weiss Advises Lenders in Boart Recapitalization and Redomiciliation Transactions

Paul, Weiss advised an ad hoc group of holders of secured and unsecured funded debt in the successful restructuring of Boart Longyear Limited, a world-leading provider of drilling services, orebody-data-collection technology, and innovative, safe and productivity-driven drilling equipment. Boart’s completed recapitalization transaction reduced approximately $795 million of the company’s debt through two Australian court-approved schemes of arrangement, which were recognized in companion Chapter 15 proceedings by the U.S. Bankruptcy Court for the Southern District of New York as a foreign main proceeding on September 21, 2021. Boart also completed a redomiciliation transaction on October 5 that moves its corporate and tax domicile from Australia to Canada.

The Paul, Weiss team included, among others, restructuring partners Andrew Rosenberg and Elizabeth McColm; antitrust counsel Marta Kelly; and international trade counsel Richard Elliott.