Corporate restructuring and insolvency
‘Excellent in terms of experience, depth of teams and global coverage’, Allen & Overy LLP is a consistent presence for stakeholders in the most significant domestic and cross-border mandates in the market. ‘Very strong on the financial side in particular’, the firm’s deeply entrenched banking relationships fuel the majority of the work. As well as a high-profile role for the Servicer and Special Servicer on the £1.6bn restructuring of the Four Seasons Health Care Group, other notable mandates included its representation of the facility agent and informal ad hoc committee of first lien lenders on the €450m restructuring of Nybron Flooring International. The ‘very thorough’ Gordon Stewart heads a team praised for its ‘tremendous strength at partner level’; it includes Mark Sterling (a ‘great brain’); Ian Field ('very bright’); and Jennifer Marshall (‘good grasp of practical/market issues’).
Able to tap into its vast network of offices and benefiting from strong ties with an impressive number of leading banks, Clifford Chance is a consistent presence on the most significant domestic and cross-border restructurings in the market. In a matter that involved nine jurisdictions, the team advised RBS on the refinancing and restructuring of the Wagon Group, and is now advising the administrators following the company’s insolvency. On the debtor side, the firm is acting for LyondellBasell on its US$27.5bn debt restructuring. Global head Mark Hyde is recommended, as are Adrian Cohen, Philip Hertz and Nicholas Frome. Clients include Goldman Sachs, RBS, JPMorgan and ING.
‘A very strong law firm which brings a practical, solution-orientated approach to restructurings’, Freshfields Bruckhaus Deringer LLP has - as well as its continued role for Northern Rock - also picked up high-profile mandates for Woolworths and for the joint administrators of Icelandic bank Kaupthing Singer & Friedlander. With the benefit of the firm’s significant international network, the team is regularly called on to advise clients on multi-jurisdictional matters, and recently advised Spanish corporate Inmobiliaria Colonial on the restructuring of its €7bn debt. ‘A tier-one practitioner’, Ken Baird leads a team that includes the ‘very commercial and practical’ Chris Howard; the ‘highly experienced’ Richard Tett; Nick Segal; and Adam Gallagher.
‘One of the leaders in restructuring’, Linklaters LLP’s 12-partner group offers a ‘comprehensive’ service to a diverse array of stakeholders, and arguably had the strongest year of the top-tier firms. Involved in the majority of the highest-profile administrations in the market, as well as landing key roles in the Woolworths and Waterford Wedgwood insolvencies, the firm recently picked up the highly cherished instruction to advise PwC on the administration of Lehman Brothers International (Europe); involving a multi-jurisdictional, cross-practice team of over 300 lawyers from 11 offices, the matter is the largest corporate insolvency in history, involving approximately US$13bn assets. The team also secured instructions from RBS on its recapitalisation, and Lloyds TSB on its acquisition of HBOS and re-capitalisation. The ‘thoughtful and commercial’ Tony Bugg ‘has built a great team’ that includes Euan Clarke (‘excellent commercial judgement’); Robert Elliott (‘great reputation amongst stakeholders); David Ereira (‘excellent debt advisory experience’); and Rebecca Jarvis (‘technically very good’).
Bingham McCutchen LLP offers ‘excellent service and commercial acumen’ to an almost exclusively bondholder client base. ‘Very sensible in negotiating through the myriad various layers of vested interests across the capital structure’, the team continues to have a role in the majority of major domestic and cross-border restructurings in the market. As well as advising bondholders in relation to the three major failed Icelandic banks, the group remains involved in a swathe of ‘busted LBOs’, including its role for the mezzanine lenders on the restructuring of 20:20. ‘Creative’ and with a ‘fountain of experience for restructurings’, James Roome co-heads a team that includes Barry Russell and James Terry, who both have an ‘excellent understanding of the business issues’.
Headed by the ‘hugely talented’ Mark Andrews, Denton Wilde Sapte LLP remains best known for its ability to handle traditional domestic-based formal insolvencies, but has picked up some notable mandates arising from the credit crisis. As well as being instructed as conflict counsel on the Lehman Brothers insolvency, it has picked up a raft of work for new client Financial Services Compensation Scheme, including in relation to the nationalisation of Bradford & Bingley and matters arising out of the collapse of the Icelandic banks. Graham Paine, Susan Moore, Neil Griffiths and Nigel Barnett are recommended. Clients include PwC, RBS, Northern Rock, Deloitte and Zolfo Copper.
Latham & Watkins has an increasingly varied practice, providing ‘high-quality’ advice to senior creditors, mezzanine lenders and clients acquiring distressed assets, as well as being ‘one of the go-to-bondholder firms’. Able to tap into a significant sponsor client base, it is representing the Carlyle Group and its portfolio company Bluebrook on the restructuring of the IMO car wash group. Also involved in formal insolvencies, it is advising Grant Thornton as administrators of the Bell Leisure Investment companies, and also MatlinPatterson as a creditor on the Spanish insolvency of Martinsa-Fadesa. John Houghton heads a core five-partner group that was recently bolstered by the arrival of Jackson Taylor and Holly Neavill from Cadwalader, Wickersham & Taft LLP and Bingham McCutchen (London) LLP respectively.
With its ‘excellent government connections’, Slaughter and May has been extremely active as a result of a continuous flow of mandates for the Treasury. As well as its continued advice in relation to Northern Rock, it represented the government in relation to the financial difficulties faced by Bradford & Bingley and Kaupthing Singer & Friedlander, as well as the recapitalisation of Lloyds TSB/HBOS and RBS. The firm’s deeply entrenched corporate relationships also remain a fertile source of instructions; it advised Waterford Wedgwood and Taylor Wimpey on their respective restructurings. George Seligman leads a team that includes well-respected partners such as Sarah Paterson, Ian Hodgson and Mark Dwyer.
Ashurst LLP’s 11-partner team provides ‘very client-orientated’ and ‘commercially focused advice’ to a broad array of stakeholders. Able to ‘pull together expertise from different departments’, the firm’s full-service approach is regularly utilised by debtors across a swathe of industries, including recent representations for Jessops, Land of Leather, Vanco and Erinaceous. As well as having a thriving creditor practice, the firm is increasingly active in relation to distressed asset acquisitions for the likes of Cerberus. Clients appreciate department head Nick Angel’s ‘excellent business knowledge’ and ‘great service ethic’. The team includes the ‘commercial and hardworking’ Giles Boothman, and senior associate Simon Baskerville, who is recognised as a ‘rising star’.
With a well-rounded and ‘technically very good’ practice, CMS Cameron McKenna LLP continues to derive most of its instructions from a loyal cadre of clearing banks, including Lloyds TSB, HSBC and RBS. The team was active in a plethora of property restructurings, including advising RBS and Lloyds TSB in the restructuring of the Laurel group, while other high-profile mandates included advising Vantis Business Recovery as liquidators of Stanford International Bank in Antigua. The firm also regularly advises pension trustees involved in restructurings. Peter Wiltshire is ‘very empathetic’, and is part of a six-partner team that includes Ashley Smith, Robert Hickmott, and Rita Lowe.
While it may lack the strength in depth of some of its higher-ranked competitors, Herbert Smith LLP is ‘increasingly attracting the standout instructions’, particularly on the company side. Notably, the team advised Ernst & Young as administrators to Nortel, in its high-profile, cross-border administration. Other major mandates include representing Bradford & Bingley on its nationalisation, and the subsequent transfer of its savings business and branches to Abbey National. ‘As accomplished an insolvency lawyer as any in the UK’, Stephen Gale is the key figure in a team that includes Kevin Pullen and Laurence Elliott.
Led by Robin Spencer, Lovells LLP’s ‘energetic and dedicated’ team provides ‘highly commercial’ advice to a range of banks, insolvency practitioners and corporates. At the heart of many of the problems affecting the financial services industry, the group advised the Icelandic government on the country’s banking crisis, and has also had high-profile involvement in SIV-related matters. Key members of the team include Stephen Foster (‘commercial and personable’); Joe Bannister (‘creative and pragmatic’); and Deborah Gregory (‘always available, prompt and clear thinking’).
Berwin Leighton Paisner LLP’s three-partner team may be small compared with many of its peers, but it is a serious player in the mid-to-upper corporate restructuring arena. Standing out for its strength in property-related insolvencies, and with a strong banking client base, the group picked up a notable new mandate from GMAC in relation to its substantial UK loan portfolio. Also active in the retail industry, the team advised the board of directors of MFI in respect of their duties, specifically in the context of the company’s solvency position. ‘Available 24/7’, Ben Larkin heads a team that includes the well-regarded David Leibowitz and Frances McLeman.
A powerhouse in the mid-market, DLA Piper UK LLP’s position on all the main bank panels ensures that its 12-partner London group receives a steady flow of restructuring and formal insolvency work. Benefiting from broad national and international resources, the firm has the critical mass to handle a huge volume of mandates. Recent highlights include advising Norwich Union (as largest senior lender) and BDO Stoy Hayward as administrators in the £1bn restructuring of Dawnay Day. Michael Fiddy heads a team that includes recommended partners Sarah Coucher, Stephen Halladay and Paul Fleming. Clients include Barclays, Clydesdale, HSBC and RBS.
One of the more versatile practices at a US firm in London, Kirkland & Ellis International LLP is instructed by a variety of corporates, sponsors, hedge funds and banks across a range of formal insolvencies and restructurings. Although its pre-eminent US debtor side practice continues to fuel some of the London office’s work flow (for example, on Sea Containers), the five-partner group is increasingly active in domestic and pan-European mandates. As well as advising an ad hoc bondholder committee in the Akerys restructuring, the team secured a debt-for-equity swap for troubled company Nybron Flooring. The ‘excellent’ Lyndon Norley heads a team that includes recommended partner Kon Asimacopoulos.
While its market-leading US practice continues to inform a significant proportion of Weil, Gotshal & Manges’s workload - most notably in the shape of the Lehman Brothers mandate - the firm continues to gain significant traction in the UK market. It is advising several funds, including Marathon Structured Finance Fund, as holders of one of several tranches of senior debt totalling £1.2bn of the Four Seasons Healthcare Group. Dominic McCahill heads a two-partner team whose clients include Cheyne, Citibank, Kaupthing, TI Automotive and Oaktree Capital. ‘Knowledgeable, capable and calm’, Tony Horspool has an excellent reputation, particularly among hedge funds.
Led by the ‘remarkably driven’ Adam Plainer, Jones Day’s five-partner London practice continues to make strides in the market as evidenced by a growing bank portfolio that now includes Bank of America and Allied Irish Bank. The firm acted for XL Group on the collapse of major UK tour operator XL Leisure, and also successfully advised Agcert International on its restructuring. On the contentious side, the group represented one of the largest secured creditors in relation to payment priority following the collapse of the Sigma Finance SIV at first instance and Appeal.
Able to draw on the expertise of over 70 lawyers in the firm’s US offices, Sidley Austin LLP’s two-partner London practice excels in complex debtor mandates. The team remains involved in the Federal-Mogul insolvency, and is also advising Kroll as administrators of the Laurel Group of Companies. On the creditor side, aided by a significant capital markets presence, the firm advised noteholders in the landmark decision relating to priority concerning the Orion SIV. Patrick Corr and Robin Parsons co-head the team.
Leveraging off its impressive corporate and private equity client base, Skadden, Arps, Slate, Meagher & Flom (UK) LLP provides ‘strong technical and business advice’ to a predominantly debtor client base. Often working in conjunction with its pre-eminent US practice, recent highlights include advising TPG portfolio company British Vita on its cross-border restructuring. Lynn Hiestand and Christopher Mallon are the lynchpins of a practice that includes ‘next generation star performer’, Christian Pilkington.
Able to tap into the resources of its significant banking and finance team, White & Case LLP’s strength lies in its representation of senior secured creditors in major restructurings and insolvencies. ‘Quick on its feet and able to mobilise its network of offices’, the team is often involved in significant multi-jurisdictional mandates, such as its representation of the Bank of Ireland in the restructuring of €242.5m senior and €52.5m mezzanine debt of Dutch company JVH Gaming. The ‘very experienced and pleasant’ Dan Hamilton leads a team that includes Stephen Phillips, who has a significant reputation in the distressed investment market.
Headed by the ‘robust and commercial’ Jon Yorke, Barlow Lyde & Gilbert LLP’s three-partner team is ‘particularly good at handling insurance-related insolvency matters’. As well as representing PwC in matters related to the administration of Lehman Brothers, the team is also advising KPMG on the liquidation of a significant Bermudan hedge fund. The addition of the ‘excellent’ Rupert Connell from Fladgate LLP in July 2008 has broadened the group’s expertise in the area.
Sitting as part of its wider national offering, Eversheds LLP’s three-partner London group receives an impressive flow of predominantly middle-market instructions from a robust clearing bank client base that includes HBOS, Barclays and HSBC. Particularly active in the property arena, the firm advised HBOS in relation to lending to the Highmore Homes Group and, in conjunction with Ernst & Young, during the company’s administration. Simon Waller heads the team.
A dynamic force in the mid-market, the ‘technically strong and approachable’ LG continues to strengthen its ties with the banking community, adding new clients Bank of Ireland and Capmark. Recent highlights include advising KBC Bank on the administration of Electricity 4 Business. Aided by the firm’s property litigation team, the practice has also been active advising a significant roster of landlord clients in retail tenant insolvencies. ‘Very approachable and easy to work with’, Tom Withyman heads a practice that includes recommended partner Steven Cottee.
Benefiting from a broad international footprint and also able to tap into significant expertise in complementary finance areas, Mayer Brown International LLP is an increasingly visible player in the London market, particularly for its banking clients. Praised for its ability to ‘understand complicated legal issues and provide common-sense advice’, the team’s recent highlights include advising GMAC on its US$60bn multi-jurisdictional restructuring. The team is led by the ‘solid and calm’ Ian McDonald, and includes key partners Devi Shah (‘a safe pair of hands’); Ashley Katz (‘very bright and dedicated’); and David Morrison (‘excellent on non- contentious work’).
Involved in a number of important mandates in the financial services industry, Nabarro LLP recently advised longstanding client London Scottish Bank on its administration. Real estate remains an important driver for the practice and has led to a role in virtually all of the headline domestic failures, including MFI, Woolworths and Zavvi. Patricia Godfrey heads the team.
Norton Rose LLP’s three-partner team gives ‘intellectually robust advice’ to corporates, IPs and banks. Handling a mix of formal insolvencies and corporate restructurings, the team is noted for its ability to ‘pull together members of its transportation and insolvency teams to provide a first-rate service across both the service and situation piece’. As well as representing the administrators of both Britannia Bulk and the C&M Group, the team continues to advise the liquidators of Flightlease. The ‘excellent’ James Stonebridge and Hamish Anderson are recommended.
Leveraging off its substantial private equity and property groups, SJ Berwin LLP handles an array of contentious and non-contentious matters. Active on both formal insolvencies and corporate restructurings, the team recently advised the joint administrators of Whittards of Chelsea on the pre-packaged disposal of the business and assets to Epic. Jeremy Goldring has an excellent reputation in the market.
Headed by the ‘estimable’ Peter Manning, Simmons & Simmons’ three-partner team has seen some interesting mandates arising out of the collapse of Lehman Brothers. Tapping into the firm’s vast hedge fund expertise, the team represented the Managed Funds Association (the US hedge fund industry body) in lobbying activities following the collapse of the bank, and also advised over 90 hedge funds seeking to recover assets from LBIE.
‘Amongst the top practices in the middle market’, Taylor Wessing LLP has had a solid year. As well as receiving regular mandates from its impressive corporate client base group, the team continues to enhance its financial institution portfolio, recently advising a bank on the restructuring of part of its structured finance portfolio. Nick Moser ‘combines a sharp brain with an aura of quiet authority’, while Patrick Cook and Neil Smyth are ‘very accommodating and eager to please’.
Though less active in relation to formal insolvencies than some of the firms in the rankings, Travers Smith LLP ‘really know their stuff in relation to the turnaround and private equity restructuring market’. Keith Bordell heads the team.
Addleshaw Goddard LLP’s John Joyce heads a team that now includes ‘the superb’ Alison Goldthorp following her arrival in 2008 from Taylor Wessing LLP.
Baker & McKenzie LLP is recommended for cross-border mandates.
Cadwalader, Wickersham & Taft LLP’s depleted team is now headed by Richard Nevins.
The ‘excellent’ John Verrill is recommended at Dundas & Wilson LLP.
Robin Tutty at Field Fisher Waterhouse LLP ‘has a good grasp of the technicalities of his field’.
Avram Kelman at Fladgate LLP is ‘quick-thinking and entrepreneurial’.
Cathryn Williams at Hammonds LLP is ‘doing an excellent job at building up the department’.
The ‘fantastic and responsive’ Tony Griffiths and Edward Smith at K&L Gates are recommended.
The ‘responsive and knowledgeable’ team at Macfarlanes LLP recently secured the high-profile mandate for the Four Seasons Health Care group to restructure its £1bn debt.
Olswang’s Graeme Levy is noted as a ‘very bright guy’.
The ‘dynamic’ Mark Fennessy heads Orrick, Herrington & Sutcliffe’s burgeoning restructuring team.
Richard Williams at Pinsent Masons LLP has particular strength in relation to insolvencies in the property sector.
Bryan Green who heads a team at Salans that is ‘aggressive where required but also highly commercial’.
The ‘talented and experienced’ David Lacey and Alan Bercow co-head the team at Stephenson Harwood.