Herbert Smith Freehills has advised Viridor Laing (Greater Manchester) Limited ("VLGM") on the restructuring of the Greater Manchester Waste PFI Project.
The firm advised on all aspects of the transaction including the prepayment of senior debt in both VLGM and the associated thermal power station project at Runcorn, the settlement of outstanding claims between stakeholders and the transfer of shares and subordinated debt in VLGM to the Greater Manchester Waste Authority (the "GMWDA").
GMWDA is England’s largest waste disposal authority, responsible for the management and disposal of municipal waste from Greater Manchester and it is the procuring authority under the terms of the PFI contract with VLGM.
The completion of the transaction follows the announcement on 24 August that GMWDA, VLGM, VLGM's shareholders and the operator, Viridor Waste, had entered into binding heads of terms to enable the GMWDA to facilitate efficiency savings.
The transaction was led by Energy & Infrastructure Partner Simon Caridia and senior associate Hannah Roscoe. The team included partners Ann Levin, David Nitek and Matthew Job, senior associates Richard Ashmore and Keith Gamble, associates Kate Laidlow, Stephanie Northcott, Jennifer Courey, Rebecca Scanlon, Philip Parrot, Karan Talwar and Miles Tonkin and trainee solicitors Sarah Teasdale, Elizabeth Gadsby and Sam Heitlinger.
Simon Caridia commented:
"We are delighted to have supported VLGM in working together with GMWDA. The transaction is the culmination of several months of structuring discussions to ensure that the interests of numerous stakeholders were appropriately taken into account and it is a testament to the collaborative efforts of all parties that completion has occurred precisely in accordance with the objectives and timetable set out in previous announcements."
Following the transaction, VLGM has been renamed Greater Manchester Combined Waste and Recycling.
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