Carey Olsen advises ad hoc committee of noteholders on restructuring and transfer of ownership of Metrocentre Group

Carey Olsen has advised the ad hoc group of noteholders in relation to the transfer of ownership of the Metrocentre Group, from Intu Properties plc to a newly established ownership structure.

Metrocentre Group owns the Metrocentre shopping complex which is located in Gateshead. It is Europe's largest shopping and leisure centre, containing an indoor theme park, an eleven-screen cinema, a mega bowl entertainment centre and over 300 shops.

The restructuring transaction involved £485 million 8.75% Secured Fixed Rate Notes as part of the transfer of ownership.

The Carey Olsen team that advised the ad hoc group of noteholders on the Jersey law aspects of the restructuring was led by partner Kate Andrews, with support from senior associates Ashley Morrison and Rebecca McQuillan, and with additional support from associate Lucy Robbins. The Carey Olsen team advised alongside onshore counsel Akin Gump.

Kate commented: "Metrocentre first opened 35 years ago and has been a landmark attraction for Gateshead ever since. Through this ownership restructuring, Metrocentre has secured its future and we are pleased to have demonstrated our restructuring expertise on such a significant matter."

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