Panavision

O’Melveny represented Panavision Inc. in the recapitalization of the company. Prior to the recapitalization, Panavision was carrying approximately US$49 million in senior first lien debt and US$445 million of junior first lien debt. As part of the recapitalization, the company effected a reverse stock split of 100 to 1 and the junior first lien lenders of the company exchanged their US$445 million of existing debt for 99 percent of Panavision’s common stock and US$50 million of newly issued PIK notes, the terms of which were set forth in a Third Amended and Restated Credit Agreement. O’Melveny assisted Panavision in negotiating 100 percent lender consent to the terms of the recapitalization, the Third Amended and Restated Credit Agreement, and a new stockholders’ agreement, among other things.