The first stage of the restructuring was to secure the Pension Protection Fund’s (PPF) agreement to launch a company voluntary arrangement (CVA), the proposed settlement of the pension scheme deficit through the CVA and the sale of certain secured assets to enable a sale of most of the shares in the trading business to turnaround investor Rcapital.
The second stage saw the CVA approved, leading to the final stage completion of the sale of the shares in the business and a refinance, which has saved a media company that runs over 140 local, regional, and national publications and websites.
A 15 strong Mills & Reeve team spanning restructuring, corporate, banking, real estate and pensions worked alongside KPMG to advise Archant.
Neil Smyth, restructuring and insolvency partner who led the Mills & Reeve team, said: “We are delighted to have been involved in ensuring the survival of Archant Media and to preserve its history and a substantial number of jobs for a major employer in the East of England.
“This has been achieved through a robust options process run by KPMG and the PPF who were prepared to support the CVA and avoid an administration and the adverse consequences that would have had for creditors and employees.”