120 dollar sock, page-3

Was a large company and the share price was $120 and then


Receivership of large metals producer



We are acting for the receivers and managers of the Western Metals Group, Australia's fourth largest producer of copper and zinc, with secured debts of approximately A$350 million.

Western Metals was one of the largest trading receiverships of the 2003/2004 financial year in Australia, raising issues nation-wide. It involved lawyers from all Minter Ellison offices around the coutry.

Our work included:

advising on an appropriate sales strategy
preparing data rooms
drafting sale and purchase agreements
advising on numerous employee issues within the group structure
advising on environmental liabilities
resolving numerous supplier and creditor issues
advising generally on the receiver's powers and duties.
We also assisted the deed administrators in seeking to recapitalise the publicly-listed parent entity.

Prior to this appointment, we had acted for US noteholders in negotiations to restructure debt in 2001/2002. This matter involved drafting standstill agreements and new security documents to protect noteholder interests.

Lengthy negotiations were held with third-party hedge providers requiring analysis of financial instruments and multi-party negotiations. This led to a new security trust and intercreditor deed. Financial arrangements included the note agreements, ISDA contracts, commodity options agreements and FX agreements.

Current company has used old name