Rimon advises Gulf Marine Services PLC (LON: GMS) in cross-border restructuring of Islamic and conventional debt facilities

Rimon Law advised Gulf Marine Services PLC (LON: GMS) in a cross-border restructuring of its Islamic and conventional debt facilities, including the provision of a new working capital facility. The transaction successfully completed in June.

Rimon Dubai-based partner Richard Ernest led the deal team, handling all aspects of the debt restructuring. London-based Linklaters worked on the public company side of the transaction, and Allen & Overy acted for the banks.

Rimon’s unique firm structure means that its lawyers and support staff are all well-experienced in remotely delivering top-quality legal services to clients. This has been the case since its inception in 2008, and it enabled the Rimon team to seamlessly handle and execute this complex transaction during the pinch point of the COVID crisis during Q2 2020.

Richard Ernest is an English law qualified solicitor who handles financing transactions, including domestic and cross-border acquisitions and general corporate lending. He is experienced in Islamic and conventional leveraged and structured finance, project and ECA-backed finance, acquisition finance, real estate finance, and restructurings and workouts.

Mr. Ernest is ranked by Chambers Global as a leading lawyer for the United Arab Emirates: Banking & Finance.  The publication quotes clients as praising his technical proficiency and “good client manner”.  In addition, Mr. Ernest is recommended by Legal 500 EMEA 2017 for UAE: Banking & Finance and also ranked by IFLR1000 2019 as ‘highly regarded’ for UAE: Banking. Read more.