Sport, Leisure & Hospitality
A proven track record is the best way to demonstrate our strength and depth of expertise. Below are examples of our team’s recent appointments.
Leader in the casino business
Zalis ran the restructuring of a French leader in the gambling industry. Daniel Cohen, CEO and founder of Zalis, and his team advised and supported the company in connection with its second equity capital raising and assisted in its operational and financial restructuring, in particular through an agreement reached with a large banking pool.
The support of Zalis resulted in a debt rescheduling (thereby avoiding asset sales in a difficult market), a new capital increase and a change in governance.
Improved financial results have confirmed a successful turnaround.
nicko cruises GmbH
nicko cruises, the market leader for river cruises in Europe, had to file for insolvency before the start of the main season. The insolvency administrator, Mr. Michael Pluta from PLUTA Rechtsanwalts GmbH, managed to ensure that the tours in Europe, Africa and Asia took place until the end of the 2015 season. This means that the PLUTA team secured more than 30,000 tours, which was very difficult at the beginning. Moreover, the restructuring experts also optimised the capacity utilisation of the entire fleet and searched for an investor. With success: nicko cruises was acquired by the Portuguese holding company Mystic Invest which is active in the field of travel organisation. When business was restarted officially on 1 November 2015, the insolvency administrator’s team symbolically handed over the key to the new company.
Southampton Leisure Holdings plc
This case involved the successful rescue and sale of Southampton Football Club – Southampton FC had been in financial difficulty for some time due to its failure to regain top-flight status coupled with overheads too great for a Championship team. Under review of its bankers, the club desperately needed to reduce its costs and increase cash flow. The bank approached our team in London alliance member to advise the directors on a plan to save the club.
We implemented a radical restructuring plan leading to a successful sale of both the club and related assets. A hands-on, partner-led approach meant the Club survived, saving jobs and benefiting the community. Key elements of this success can be summarised as: focussed initiatives to raise cash; strong decision around removal of management; consensual restructuring around major creditors; winning creditor support; use of media to send required message; determination to achieve sale; and ultimately, creditor’s payment.