{{ languageVal }}
  • English


Maples Advises SCC Power on Acquisition of Stoneway's Business Enterprise

23 Jun 2022

Maples and Calder, the Maples Group's law firm, is pleased to have recently provided British Virgin Islands ("BVI") counsel to CC Power plc ("SCC Power"), and its related entities, on its acquisition of the business enterprise of Stoneway Capital Corporation ("Stoneway").  Stoneway's business enterprise consists of four power generation facilities located in Argentina. 


The acquisition and restructuring transactions were effected pursuant to the Chapter 11 Plan and the plan of arrangement pursuant to the Canada Business Corporations Act of Stoneway and its affiliated debtors-in-possession, which was effective on 17 May 2022.  As consideration for the assets, SCC Power issued to certain Stoneway creditors and interest holders US$17,861,000 6% Secured First Lien Notes due 2028, US$310 million 8% Secured Second Lien Notes due 2028 and US$200 million 4% Secured Third Lien Notes due 2032.  The first interest payment under the notes is due on 15 September 2022.

The BVI-based legal team was led by Partner Chris Newton (Corporate) with assistance from Partner Matthew Freeman (Dispute Resolution & Insolvency) and Associates Amel Wehden (Corporate) and Annabel Cole (Corporate).  The team acted alongside SSC Power's US counsel Simpson Thacher & Bartlett LLP, Canadian counsel McCarthy Tétrault LLP and Stewart McKelvey and Argentinian counsel Tavarone, Rovelli, Salim & Miani.


Commenting on the transaction, Chris said, "We are pleased to have advised SCC on this cross-border restructuring transaction working closely with the deal teams in the US, Canada, Argentina and BVI to deliver a solution to the Stoneway business and its creditors. Our talented and experienced BVI team continues to be instructed on complex restructuring mandates such as this transaction which reflects our expertise in the BVI."


The Maples Group continues to be at the forefront of innovative, highly-complex restructuring deals within the BVI jurisdiction which include advising Constellation Group on its US$1.5 billion global restructuring in July 2020.

Related Services


Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters.  Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.