Potter Anderson Advises Teekay GP Conflicts Committee on Deal Eliminating IDRs
Teekay Corporation and Teekay LNG Partners L.P. announced an agreement to eliminate all of the partnership’s incentive distribution rights in exchange for 10.75 million newly-issued Teekay LNG common units. Following the completion of this transaction, which simplifies Teekay LNG’s capital structure, Teekay Corporation now beneficially owns approximately 36 million Teekay LNG common units and remains the sole owner of Teekay GP L.L.C., the general partner of Teekay LNG.
Potter Anderson advised the Teekay GP conflicts committee on the transaction. The team included partners Mark Morton and Tom Mullen and associates Rebecca Salko and Garrett Lyons.