Willkie Advises on Recapitalization of the Mediapro Group

June 17, 2022

Willkie represented funds affiliated with Searchlight Capital Partners and Invesco Senior Secured Management on the transaction.

Willkie recently represented an Investor Group comprising funds managed or advised by Searchlight Capital Partners and Invesco Senior Secured Management as first and second lien lenders on the negotiation and implementation of the recapitalization of the Mediapro Group.

The Mediapro Group, a leading international multimedia communications group based in Spain, defaulted on certain of its debt obligations in July 2021. Seeking to protect their investments in the first and second lien debt, the Investor Group turned to Willkie for counsel in its negotiations with other key stakeholders, including management, shareholders and an ad-hoc group of first lien lenders.

The recapitalization is valued at €620 million and comprises a new money investment by persons affiliated with the group’s majority shareholder, part of which has been utilised to cure the existing defaults and pay-down a portion of the existing debt. The deal was implemented consensually, although an application for the homologación judicial of the deal will be made in Spain.

Willkie worked closely alongside Spanish counsel at Gómez-Acebo & Pombo.

The Willkie team was led by partners Gavin Gordon and Graham Lane, and included partner Komal Raina and associates Jason Taylor, John Lambillion and Vanessa Tse.