Linklaters has advised the Alliance Medical Group, one of the leading providers of diagnostic imaging services in Europe, on the recently-completed restructuring of its debt and equity.
Alliance Medical was acquired by Dubai International Capital in 2007, but subsequently struggled to service its debt in worsening market conditions. Discussions with the Group’s lenders continued throughout 2010, in parallel with an auction sale process for the Group, and a lender-led restructuring was completed in February 2011. As a result of the restructuring, a majority of the equity of the restructured Group is held by its senior lenders.
The restructuring involved work across London, Milan, Amsterdam, Frankfurt, Brussels and Warsaw, covering both the restructuring and the parallel sale process.
The restructuring is significant for Alliance Medical as it materially reduces its existing debt burden (from c.£600m to £250m) and makes available additional funding of £60m for the development of the business and a new pan-European management incentive package to support the new Group CEO and his management team.
The transaction was led by corporate partner Ian Bagshaw, banking partner Annette Kurdian and restructuring and insolvency partner Rebecca Jarvis. The team were supported by London associates Ben Rodham, Stuart Boyd, Chris Boycott and Nana Darko.
