Ernst & Young LLP - Administration of Hellas Telecommunications

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Slaughter and May advised Ernst &Young LLP as the administrators of Hellas Telecommunications (Luxembourg) II S.C.A. (Hellas II) which was put into administration by court order on Thursday 26 November 2009. As contemplated by the court order, Hellas II (in administration) completed the sale of the shares of its wholly owned subsidiary, Wind Hellas Telecommunications S.A., to Weather Finance III S.a.r.l. (Weather) as part of an administration sale. Wind Hellas is the second largest integrated operator of fixed line and mobile telephony service in Greece.

In making the administration order, the court satisfied itself that it had jurisdiction to do so on the basis that at the time of the hearing, the centre of main interests (COMI) of Hellas II is located in England, notwithstanding that Hellas II was incorporated in Luxembourg as it has taken active steps to move its COMI to England and such move is ascertainable by third parties. The court was also satisfied that the purpose of the administration is reasonably likely to be achieved in that whilst it is not reasonably practicable to rescue Hellas II as a going concern, administration would achieve a better result for Hellas II's creditors as a whole than would be likely if it were wound up.

Having regard to the evidence before the court, the court order recognised and specifically contemplated the power of the administrators appointed to Hellas II as agent to effect the pre-packaged administration sale of the shares of Wind Hellas to Weather. As so contemplated, the appointed administrators, Ernst & Young, completed such sale on Friday 27 November 2009 as agent of Hellas II.

Sarah Paterson (partner), Miranda Leung (partner), George Vaughton (associate); Dispute Resolution: Deborah Finkler (partner)