Restructuring and Insolvency

Recognised as one of the leading firms in the restructuring and insolvency market, we have built our reputation over decades of advising on some of the largest and most complex refinancings, restructurings and insolvencies.

We regularly represent, and work closely with, a broad range of stakeholders, including companies in financial difficulty, insolvency practitioners, creditors, bond trustees, private equity firms, hedge funds, central banks and governments.

We have extensive experience advising stakeholders on all stages and aspects of financial distress, including capital and corporate restructurings, formal insolvencies both contentious and non-contentious, contingency planning, distressed investments and bank resolution work.

Our Restructuring and Insolvency group is led by a team of partners with the specialist expertise needed to navigate the complex dynamics of a distressed scenario. This core team works closely with specialists from the firm’s other market-leading practice areas where necessary, including financing, corporate and dispute resolution, to provide our clients with a first class service.

We also have strong relationships with other advisers, including major accountancy firms and investment banks, which we can draw on where required to deliver seamless, practical solutions.

Sarah Paterson has been a senior consultant to our Restructuring and Insolvency group since September 2013.

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Very bright and intelligent people who get to the crux of a problem pretty quickly. They offer sound and clear advice, using a language that is easy to understand for the client. Chambers UK, 2016

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Our key experience includes advising:

Seadrill on its restructuring plan to be implemented with prearranged chapter 11 cases, and the ring-fencing of its non-consolidated affiliates from the restructuring. 

Premier Oil on the restructuring of its $3.8 billion capital structure, one of the largest and most complex financial restructurings of a North Sea oil and gas company in recent years.

Tata Steel on the ongoing restructuring of its European business, including a number of major asset disposals and the restructuring of the £13 billion British Steel Pension Scheme, the largest pension scheme restructuring carried out in the UK.

hibu on the restructuring of its capital structure, which was implemented by means of two parallel English schemes of arrangement.

Punch Taverns on the capital restructuring of £2.3 billion of gross debt in its Punch A and B securitisations.

the SIPA Trustee for the liquidation of MF Global Inc. in relation to its claims in the special administration of MF Global UK Limited, including advising on the litigation arising out of those claims and the negotiation of a settlement agreement between the parties.

Ernst & Young LLP as administrators of Hellas Telecommunications (Luxembourg) II S.C.A. in relation to one of the UK’s largest pre-pack administrations.

the Winding-up Board of Glitnir, the former Icelandic bank, on its winding-up, including the adjudication process relating to claims filed by international creditors and the implementation of a debt composition.

HM Treasury on the resolutions of Northern Rock, Bradford & Bingley and the UK subsidiaries of the Icelandic banks Kaupthing and Landsbanki, and the administration of London Scottish Bank.

the Central Bank of Cyprus on the resolutions of Bank of Cyprus and Laiki Bank.

the UK Foreign and Commonwealth Office on contingency planning for the creation of a revised banking resolution regime for the British Overseas Territory of Anguilla.