Champion Enterprises emerges from US restructuring

On March 19, 2010, Champion Enterprises Holdings, LLC announced that it had completed the acquisition of the domestic and international operations of Champion Enterprises, Inc. out of US Court supervised restructuring proceedings.In connection with the transaction, an investor group consisting of affiliates of Centerbridge Partners, L.P., MAK Capital Fund LP and Sankaty Advisors, LLC invested $50 million in new capital to support the operations and growth initiatives of the newly created company.The new company emerges recapitalized and with a substantially deleveraged balance sheet consisting of $40 million of term debt along with the assumption of certain operating liabilities.Champion Enterprises was advised in the Canadian elements of this reorganization by Fasken Martineau with a team that included Don Dalik, Greg Powers, Mitch McCormick, Ian Cassie and KC Miu.