Daily News: January 15, 2014

Hastings Advises OpenGate in KemOne Acquisition

Paul Hastings announced it advised OpenGate Capital in connection with the acquisition of Kem One SAS, the second largest European manufacturer of PVCs, together with the industrial investor, Alain de Krassny.

The reorganization plan of Kem One SAS was approved on Friday, 20 December by an Order of the Tribunal de Commerce of Lyon, after months of negotiations with Groupe Kem One’s principal business partners and support from the French government to preserve the continued viability of the French petrochemical industry.

The order also provides for the sale of Kem One Innovative Vinyls by Klesch Group, the downstream portion of the group. Kem One Group employs 2,600 employees at 22 facilities in ten different countries and has sales of €1.1 billion ($1.497 million).

The Paul Hastings team was led by restructuring partner Lionel Spizzichino with associate Audrey Nelson, assisted by finance partner Mounir Letayf and corporate partner Edith Boucaya.