Luxfer Holdings PLC in Court-Based Reorganization of its Senior Notes and Shareholder Equity

February 6, 2007

Cleary Gottlieb represented Luxfer Holdings PLC, a U.K.-based manufacturer of aluminum cylinders, magnesium alloys, and zirconium chemicals, in a complex reorganization of its balance sheet. The reorganization was implemented through two court approved schemes of arrangement. The schemes of arrangement were sanctioned by the High Court of Justice, England and Wales and came into effect on February 6.

The reorganization of the Company’s capital structure through these schemes of arrangement resulted in an improvement of the Group’s financial condition through a significant reduction of the Company’s debt and interest expense.

Under the terms of the reorganization, bondholders exchanged their existing senior notes and invested new capital in return for a reduced principal amount of new senior notes and 87% of the post-reorganization equity share capital of Luxfer.

Close Brothers Corporate Finance Limited were financial advisers to Luxfer and Houlihan Lokey Howard & Zukin (Europe) Limited acted for the noteholder group.

Cleary Gottlieb has previously acted as counsel to Luxfer in its initial senior note issuance in 1999.