McDermott Successfully Wins Summary Judgment Application for €250m+ Debt for Trustee GLAS SAS (London Branch), Part of the Global Loan Agency Services Group

International law firm McDermott Will & Emery continues to represent GLAS SAS (London Branch) in respect of its role as trustee (the “Trustee”) of €250 million 4 per cent secured exchangeable bonds due 2021 exchangeable into shares of SMCP S.A. (the “Bonds”), issued by European TopSoho S.à r.l. (the “Issuer”).

In respect of ongoing proceedings in the High Court of Justice (Commercial Court) in England brought by the Trustee against the Issuer and others, McDermott Will & Emery successfully represented the Trustee in obtaining summary judgment against the Issuer, with Deputy Judge Simon Salzedo KC declaring inter alia that:

1. the Trustee was validly appointed as Trustee of the Bonds;
2. judgment is entered for the Trustee against the Issuer in respect of:
   •  the outstanding principal amount of the Bonds, i.e., €250,000,000; and
   • the outstanding interest owing on the Bonds.

Global Loan Agency Services Limited (“GLAS”) was established in 2011 and is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of EUR 200bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.

The McDermott team comprised of partners Mark Fennessy and Sunay Radia, and associate Alexander Andronikou. Appointed Counsel included Stephen Midwinter KC and Ben Woolgar of Brick Court Chambers.