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Hammonds has secured a lead role on the $485m (£304m) cross-border restructuring and sale of packaging supplier Chesapeake.

Hammonds, which was instructed in January last year by Chesapeake after a tendering process, advised on the restructuring and eventual sale to a joint venture made up of US private equity groups Irving Place Capital Management and Oaktree Capital Management.

The sale of the US-listed company, which is now based in Amersham in the UK, closed at the end of April.

Hammonds fielded a team across the UK, Germany, France and Belgium led by partner Jon Bew. Hunton & Williams advised Chesapeake in the US, while Hammonds referred local work to Dundas & Wilson in Scotland, Arthur Cox in Ireland and NautaDutilh in Belgium and the Netherlands.

Kirkland & Ellis New York-based corporate partner Mike Edsall is advising the acquiring joint venture on the acquisition. Kirkland finance partner Neel Sachdev is heading up the firm’s team in the City.

Bew commented: “This was quite a deal. It involved two refinancing attempts, an insolvency and eventual sale. It was a major piece of work involving multiple jurisdictions and time zones. It was a huge achievement in these testing economic conditions which will provide a more stable and long-term future for the business.”

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