Hamilton Locke has acted for investment manager iPartners as secured creditor on the successful recapitalisation of Procuret, a B2B business payment platform operating in the Australian market.
Following Procuret entering voluntary administration, the administrator appointed continued to trade the business with the support of iPartners and undertake a sales process. The ultimately successful transaction was implemented via a Deed of Company Arrangement (DOCA) accepted by all creditors, and it included new financing arrangements to support the reconfigured Procuret business for the future. Hamilton Locke brought together a team of Finance, Restructuring & Insolvency and Corporate experts to implement the transaction, advising iPartners on all aspects of the transaction and working closely with the administrator Rajiv Goyal at Aston Chase Group as part of the process.
Partners Andrew Vincent and Nick Edwards led the restructuring negotiations for iPartners, whilst partner Cristín McCoy led related corporate aspects. The Hamilton Locke team was ably supported by lawyers Joanna Wang, Mianna Chan and Lorenzo Ricci.
Commenting on the transaction, Andrew and Nick said:
“The successful recapitalisation of Procuret was a complex transaction, requiring a mix of legal expertise including general corporate finance, securitization, insolvency and corporate workstreams. We are proud to have worked alongside our client iPartners to secure this outcome.”
