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August 18, 2010
18.08.2010, Moscow - Gallery is pleased to announce the successful completion today of the restructuring of the Group’s financial liabilities (the “Restructuring”) in accordance with the agreement reached on 6 October 2009 with a committee representing the majority of holders of the $175 million 10 1/8 per cent. senior secured notes due 2013 (the “Committee”). The Restructuring was implemented by way of two schemes of arrangement in the English courts (the “Schemes”). The Schemes were approved by the Scheme Creditors on 18 May 2010 and sanctioned by the High Court of Justice of England and Wales at a fairness hearing held on 26 May 2010.

Under the terms of the Restructuring, the total indebtedness of the Group was reduced from $342.2 million to $100.3 million, while holders of $161.5 million face value of the senior secured notes received 68 per cent. of the equity in a new holding company, Gallery Media Holding Limited (“Newco”), and 90 per cent. of $100.3mm of 10 per cent. new notes due 2015 (the ”New Notes”). $13.5 million face value of old senior secured notes held by Group were cancelled as part of the Schemes. Funds advised by Baring Vostok Capital Partners Limited and a company owned by Anatoly Mostovoy have invested an additional $5.0 million in Newco and will continue to provide ongoing support to the new Group in return for 30% of the equity of Newco and $10.0 million of the New Notes. The Committee allocated 2 per cent. of Newco equity to a third party who assisted the negotiating process in the lead up to the Restructuring.

J.P. Morgan and Latham & Watkins acted as advisors to Gallery. Jefferies and Cadwalader Wickersham & Taft advised the Committee.

Improved market conditions in 2010, combined with the positive effects of on-going comprehensive cost-cutting efforts and a significant deleveraging of the balance sheet, have improved the Group’s liquidity position and will put it on stable financial footing going forward. Following the Restructuring, Gallery is now well capitalized and focused on providing best in class service to its customers.
  • Status
    early redeemed
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    100,308,422 USD
  • М/S&P/F
    — / — / —
Company — Gallery Media
  • Full name
    Gallery Media Holding Ltd. BVI (Gallery)
  • Registration country
    Virgin Islands, British
  • Industry
    Other sectors