Mills Oakley and Squire Patton Boggs as Australian co-counsels, have advised a Boston based SEC registered investment firm and secured lender of Jervois Global Ltd and certain subsidiaries (Jervois group) (Chapter 11 Debtors), in respect of a global cross-border take-private transaction for the Jervois group pursuant to voluntary cases commenced under chapter 11 of title 11 of the United States Code on 28 January 2025 (Chapter 11 Cases) and concurrent voluntary administrations and deed of company arrangement in Australia.

The Jervois group has been a leading global supplier of advanced, manufactured cobalt products, and has served customers in the powder metallurgy, battery, and chemical industries, with principal assets of an operating cobalt facility in Finland, a cobalt mine in Idaho, U.S.A and a refinery in Brazil.

The restructuring transactions implemented through the Chapter 11 Cases and voluntary administration procedures in Australia have achieved:

• a holistic worldwide balance sheet restructuring and recapitalisation transaction, including debtor-in-possession financing to the Chapter 11 Debtors to support the Chapter 11 Cases;
• a corporate reorganisation of the global Jervois group;
• access to new financing following the Jervois group’s emergence for go-forward mining operations; and
• implementation of the Chapter 11 plan in Australia through the voluntary administration process.

The Mills Oakley Sydney team advised on the cross border restructure from an Australian law perspective and was led by Restructuring & Insolvency Partner, Taline Chater who was assisted by lawyer, Joshua Kerr, and corporate and tax colleagues from across the firm.

Paul Hastings LLP acted for the secured lender and acquirer of the Jervois Group and led the worldwide restructure from the US perspective.

Sidley Austin LLP acted for the foreign Chapter 11 Debtors and King & Wood Mallesons Australia acted for Jervois Global Ltd and its Australian subsidiaries, David Hardy, Gayle Dickerson and Ian Sutherland of KPMG, the voluntary administrators and deed administrators of Jervois Global ltd and its Australian subsidiaries.

Mills Oakley Restructuring & Insolvency Partner, Taline Chater said:

“This deal structure was fascinating, complex and unprecedented in that we were able to implement the intent of the Chapter 11 Plan through our voluntary administration and deed of company arrangement procedures. The group has emerged with a strengthened balance sheet and financial support for growth initiatives. This outcome would not have been possible without the professionalism, dedication and collaborative nature of our US and Australian colleagues.”