Watson Farley & Williams (“WFW”) advised a syndicate of lenders led by Crédit Industriel et Commercial (“CIC”) on the insolvency proceedings for TransOceanic Wind Transport (“TOWT”) and related takeover bid by NEWTOWT.
Having been placed into judicial liquidation by the Le Havre Commercial Court in April 2026, TOWT’s business was acquired by NEWTOWT, a company owned notably by Crédit Mutuel Impact – through its Révolution Environnementale et Solidaire fund – and other historical shareholders as part of a court-approved takeover.
As part of the proceedings, the financing of the Anemos vessel, delivered in 2025, and of four additional vessels currently under construction at the Piriou shipyard, was transferred and restructured to support the continuation of NEWTOWT’s operations.
The WFW Paris Finance team that advised the lenders was led by Banking and Finance Partner Philippe Monfort, supported by Associates Olivier Charron, Natsumi Gibault and Vivienne Cheng.
De Pardieu Brocas Maffei advised CIC on the restructuring aspects of the transaction, whilst Weil, Gotshal & Manges acted for the Révolution Environnementale et Solidaire fund. HFW advised the lenders financing NEWTOWT’s other sailing cargo vessels. Stream advised NEWTOWT on matters relating to the transfer of the financing and shipbuilding agreements. PwC acted for Piriou shipyard.
