L&L, CAM-SAM represent on $2.9bn insolvency of Aircel, bought by UV Assets

L&L, CAM-SAM represent on $2.9bn insolvency of Aircel, bought by UV Assets

Aircel’s lenders are said to have approved a proposal of takeover from UV Asset Reconstruction Company (UVARCL), ending a year-long debt resolution process that was the first of its kind in the telecom sector. While the bankrupt operator may have narrowly escaped liquidation, its financial creditors may recover 15-20% of loans they extended to Aircel, among the lowest in major insolvency cases so far.
— The Economic Times
The Committee of Creditors (CoC) of Aircel approved UV ARC’s offer with a nearly 74% vote. UV ARC will pay the entire amount upfront.
 
The L&L team was led by Partner Akshay Nagpal along with Associates Samarth Sharma, Vishakha Panchangam and Tanvi Verma.
Partners Sameen Vyas and Apurva Jayant provided strategic inputs on the transaction from time to time.
The Competition law team included Partner G.R. Bhatia, Managing Associate Rudresh Singh and Arjun Singh and Aniket Ghosh.
CAM acted for Committee of Creditors and the team was led by Lakshmi Prakash.
SAM acted for Resolution Professional and the team included Anoop Rawat and Saurav Panda.
Source: barandbench