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Five firms restructure Vishal, sell to TPG, Shriram

AZB & Partners, Kochhar & Co, Trilegal, Zeus Law Associates, and Cleary Gottlieb Steen & Hamilton have advised on public listed Vishal Retail’s slump sale to private equity (PE) firm TPG and the Shriram Group for Rs 70 crore.

Kochhar & Co led by Delhi-based partner Kapil Arora and Zeus partner Vivek Kohli acted for the garments manufacturer and retail chain Vishal Retail, which on account of financial losses had applied for corporate debt restructuring (CDR) before the Delhi High Court.

Trilegal founding partner Sridhar Gorthi and associate Aninda Pal advised the Shriram Group whose subsidiary Airplaza Retail bought the retail undertaking of Vishal.

AZB associate Roxanne Anderson and Cleary Gottlieb Hong Kong-based associate Sanjeet Malik acted for PE major TPG which bought Vishal Retail’s wholesale trading, institutional sales and franchise undertaking post-CDR.

The debt-stricken Vishal Retail through State Bank of India (SBI) on behalf of certain lenders had approached the Delhi High Court in November of last year for a CDR that fetched Rs 70 crore after necessary approvals were obtained from the company’s board of directors and shareholders. The reported book value of the company’s debt was shown to be Rs 700 crore.

“The transaction on a 'slump sale' basis includes all the assets , rights, interests, inventories, cash flows, store leases and liabilities of the company,” reported the Economic Times.

TPG and Shriram would take over Vishal Retail through their joint venture subsidiary called TPG Wholesale Private Limited which would receive Rs 200 crore for the two-phase revival by the PE partner, reported the Times of India.

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