United Kingdom > London > Finance > Corporate restructuring and insolvency
Index of tables
Corporate restructuring and insolvency
Leading individuals
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- Hamish Anderson Norton Rose LLP
- Nick Angel Milbank, Tweed, Hadley & McCloy LLP
- Ken Baird Freshfields Bruckhaus Deringer LLP
- Nigel Barnett SNR Denton
- Tony Bugg Linklaters LLP
- Patrick Corr Sidley Austin LLP
- Robert Elliott Linklaters LLP
- Stephen Foster Hogan Lovells International LLP
- Nicholas Frome Clifford Chance
- Stephen Gale Herbert Smith LLP
- Debbie Gregory Hogan Lovells International LLP
- Neil Griffiths SNR Denton
- Dan Hamilton Ashurst LLP
- Robert Hickmott Quinn Emanuel Urquhart & Sullivan, LLP
- John Houghton Latham & Watkins LLP
- Mark Hyde Clifford Chance
- Ben Larkin Berwin Leighton Paisner LLP
- Chris Mallon Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Susan Moore SNR Denton
- Graham Paine SNR Denton
- James Roome Bingham McCutchen (London) LLP
- Barry Russell Bingham McCutchen (London) LLP
- Nick Segal Freshfields Bruckhaus Deringer LLP
- George Seligman Slaughter and May
- Robin Spencer Hogan Lovells International LLP
- Mark Sterling Allen & Overy LLP
- Gordon Stewart Allen & Overy LLP
Allen & Overy LLP’s 29-partner restructuring team is ‘a machine’, with a ‘very strong resource base’, and is ‘a cut above the rest’. Benefiting from the firm’s institutionalised banking clients, the team continues to attract high-profile instructions, including acting for the co-ordinators of the bank lending group on the £2.3bn restructuring of Cattles plc and its subsidiaries. Other notable mandates for the firm included acting for one of Ireland’s largest conglomerates, Quinn Group Limited, and its subsidiaries in connection with its €1.2bn restructuring. In the Middle East, the firm maintains a key role advising separate creditors’ committees on the Dubai World, Nakheel, Drydocks and Dubai International Capital restructurings. Gordon Stewart is global head of the restructuring practice, and led on the Cattles mandate. The firm’s ‘wide breadth of talent’ also includes key figures such as restructuring and insolvency global managing partner Mark Sterling, Carolyn Conner and Earl Griffith.
Bingham McCutchen (London) LLP, which moves to the top tier this year, provides an ‘all-around excellent level of service’ and ‘goes above and beyond the call of duty’. Acting predominantly for bondholders and creditors, and landing roles on some of the largest and most complex restructurings, the firm recently acted for the holders of private placement notes issued by Thomson and played an integral role in negotiating the terms of its €2.83bn debt-to-equity conversion under the safeguard procedure in France. The firm has also attracted a number of instructions out of the Iceland crisis, including representing holders of more than $24bn in bonds issued by Glitnir, Landsbanki and Kaupthing. The ‘best insolvency lawyer in London’, James Roome comes highly recommended alongside Barry Russell, who has a ‘great personality for dealing with emotional and diverse creditor groups’.
Clifford Chance ‘scores well’ for its ‘excellent service and high-level proactivity and professionalism’. The firm’s nine-partner team was boosted by the promotion of John MacLennan in 2010, who acted alongside key figure Nicholas Frome in representing a senior co-ordinating committee comprising York Capital and Bank of Ireland on the €1bn restructuring of Tele Columbus. Alongside its plum mandate acting for Dubai World on its $23bn restructuring, on which group head Mark Hyde is leading, the firm has landed a number of other key instructions, including advising longstanding client Citigroup in relation to its acquisition of embattled group EMI Music through a pre-pack administration. Adrian Cohen, Michael Bates and Philip Hertz are all highly recommended.
Though hit by the departure of Chris Howard, who left for Linklaters LLP, Freshfields Bruckhaus Deringer LLP’s 12-partner restructuring and insolvency group continues to perform at the highest level of the market. Among notable recent work, it used an English scheme of arrangement to restructure Spain’s La Seda de Barcelona’s €1bn debt: the transaction was the first of its kind and was led by Richard Tett. The firm also advised the senior lender steering committee, which included ING, ECM, Babson and Harbourmaster, on the restructuring of the Panrico Group, led by global practice head Ken Baird. Other recommended figures in the team are Nick Segal, Adam Gallagher and Catherine Balmond. Deloitte, Ernst & Young, Rothschild, Lazard and RBS are among its other clients.
Linklaters LLP provides ‘a very high standard of service on big-ticket insolvency and restructuring cases’. It continues to land high-profile mandates, alongside its ongoing role acting for PwC as administrators of Lehman Brothers International Europe; Alliance Medical turned to the firm for advice on the restructuring of the company’s debt and equity, and Truvo’s senior lender co-ordinating committee, comprised of Alcentra, Avoca Capital, Harbourmaster and Allied Irish, instructed the firm on the publishing company’s €600m debt restructuring. Bolstered by the addition of Chris Howard in November 2010, the team features Tony Bugg, who is ‘commercial and proactive’; the ‘intelligent and diligent’ Richard Holden; the ‘innovative’ David Ereira; ‘senior statesman’ Robert Elliott; and the ‘extremely talented’ Rebecca Jarvis.
Ashurst LLP is noted for its ‘very speedy responses and good robust advice’ on large and complex restructurings. Acting predominantly for a variety of stakeholders and directors, the firm is involved in a number of high-profile mandates including Gala Coral, Cattles and Wind Hellas. It advised Real Estate Opportunities plc, which owns and is developing Battersea Power Station, on its financial restructuring; and is acting for the bondholders in the Tristan Oil restructuring. The ‘very commercial and client-focused’ Simon Baskerville remains a key figure in the firm, and the ‘excellent’ Giles Boothman and Dan Hamilton are noted as ‘providing thorough and practical advice rather than theoretical options that are commercially unworkable’.
Herbert Smith LLP is valued for its ‘seamless advice’. Its ‘unflappable, available and responsive’ eight-partner team has taken a number of lead roles, including acting for a steering committee of the senior noteholders in the Fleet Street Finance Two plc commercial mortgage backed securitisation on the restructuring of a €2bn debt pile. The group also acted for Lloyds Banking Group and Deloitte on the insolvency of the Thornfield Group. The ‘user-friendly’ Stephen Gale and ‘experienced’ Kevin Pullen are key figures and continue to work on the Nortel administration; and Simon Chadney is also recommended.
Debbie Gregory, Stephen Foster and Robin Spencer continue to drive forward the ‘very strong restructuring and insolvency’ practice at Hogan Lovells International LLP, which is noted for its ability to handle complex matters. The seven-partner team has seen a good share of work from the Icelandic crisis, including acting for Straumur-Burdaras Investment Bank on its €1.8bn restructuring. Other high-profile mandates included acting for PwC as administrators on the sale of the embattled EMI Music.
The ‘proactive, loyal and diligent’ team at Kirkland & Ellis International LLP moves up in the ranking this year. ‘Star restructuring lawyer’ Kon Asimacopoulos and the ‘top-notch’ Partha Kar continue to lead the team and have pulled in a number of choice instructions for the firm, including acting for BC Partners portfolio company Regency Entertainment and for the lender group on the €4bn restructuring of Eircom. The firm’s loyal client base also includes Apollo Management, Chemtura Corporation and Macquarie Bank.
Latham & Watkins LLP’s 13-partner restructuring team continues to act for the government of Dubai in relation to Dubai World. The firm was also instructed by Renova Industries as a majority shareholder in connection with the CHF1bn capital increase and the restructuring of CHF2.5bn senior facilities for Oerlikan; and advised Preem AB and Corral Petroleum Holdings on a $2.8bn debt restructuring and exchange offer. Key figures in the practice include group head John Houghton and Ross Pooley.
Slaughter and May stands out for its government-led instructions; it had a leading role advising on the £20bn restructuring of Northern Rock, and group head George Seligman advised the Greek Ministry of Finance on some €80bn received from loans by other EU states. Elsewhere, Sarah Paterson led a team acting for Iceland’s Glitnir on its winding up. Mark Dwyer and Ian Hodgson are recommended.
Berwin Leighton Paisner LLP’s small, three-partner team has done well to corner the real estate restructuring market, pulling in a number of top mandates from banking clients such as Lloyds, Barclays and RBS. The firm advised a syndicate group led by Lloyds in relation to the restructuring of the Birmingham Mailbox and the administration and build-out of The Cube. The firm also took a lead role acting for Anglo Irish Bank and KPMG on the administration of the Eton Group. Ben Larkin leads the group, which includes David Leibowitz and Frances McLeman.
CMS Cameron McKenna LLP has traditionally had a bank-led practice, and counts HSBC, RBS and Lloyds as clients, but it has branched out in recent years to advise pension trustees and hedge funds. Peter Wiltshire has ‘excellent technical knowledge’; Rita Lowe is a ‘whirlwind of energy’ who is ‘good in tough situations and gets the job done’; and the team also has a ‘good mix of senior associates who know the market well’. The firm acted for stricken law firm Halliwells before it went into administration, and subsequently for BDO as administrators. Ashley Smith and Robert Hickmott have recently left the firm, the latter for Quinn Emanuel Urquhart & Sullivan, LLP.
DLA Piper UK LLP is a ‘big machine’ which ‘picks up a good quantity of work’. The group is led by Michael Fiddy, who specialises in formal insolvencies and business reconstructions, particularly in the real estate and sports sectors. Other partners include insolvency practitioner Stephen Halladay, who handles a lot of work in the Middle East and Europe; Paul Fleming; and Simon Neilson-Clark.
Jones Day suffered the loss of Adam Plainer, who left for Weil, Gotshal & Manges, and Claire Martin-Royle, for Taylor Wessing LLP, while Kay Morley has been promoted to partner. The team acts for Standard Bank and RBS, and recently advised BDO on the Pinnacle Entertainment administration.
The ‘extremely effective’ team at Mayer Brown International LLP is ‘committed to the job and to coming up with innovative solutions’. It was boosted by the addition of Neil Caddy from Allen & Overy LLP and the promotion of Kristy Zander, who ‘has excellent technical knowledge and applies it to the client’s business goals’. The firm is active in post-Lehman work, but landed a number of other significant instructions, including acting for both Great American Group and administrators Zolfo Cooper on the administration of retailer Suits You. Ashley Katz is ‘extremely bright and creative, and has sound business judgement’. Ian McDonald leads the team, which also includes Devi Shah.
SNR Denton took a hit this year with the retirement of star partner and group head Mark Andrews. Taking a strong share of mid-market instructions, the firm advised KPMG on the administration of social housing group Connaught. Nigel Barnett has been appointed to lead the practice, which includes partners Susan Moore, Neil Griffiths and Graham Paine.
Sidley Austin LLP has beefed up its offering, promoting the ‘knowledgeable and detailed’ Phillip Taylor to partner, and transferring Marc Wassermann from the international finance group to focus solely on restructuring work. Key mandates included acting for the Regus Group in relation to the restructuring of its UK and Irish business, including the administration of Ready Offices UK. The ‘enthusiastic and energetic’ Patrick Corr is a ‘class act’, and is often able to ‘achieve consensus amongst parties with divergent interests’.
High-profile instructions for Skadden, Arps, Slate, Meagher & Flom (UK) LLP included acting on the European aspects of Metro-Goldwyn-Mayer’s pre-packaged bankruptcy in the US. Predominantly debtor focused, the firm also counts Nokia Siemens Network, Gate Gourmet, US Airways and Zolfo Cooper as clients. Lynn Hiestand retired at the start of 2011, leaving new joiner Chris Mallon as the sole partner of the group.
Bolstered by a strong brand in the US, the London team at Weil, Gotshal & Manges is ambitious to grow, and the recruitment of Adam Plainer from Jones Day has firmly planted it on the map. The team has an ‘excellent client service ethos’; the lawyers are ‘good negotiators, with technical strength’. Key mandates, outside of its Lehman work, included advising senior lenders, Barclays Capital, Citi and EAB, on the restructuring of 1st Credit, one of the UK’s largest debt collection agencies. Mike Francies is also a key figure in the practice.
White & Case LLP continues to act on some of the largest restructurings. The firm represented EN+ Group in relation to its $1bn financial restructuring, including a $750m syndicated facility and various bilateral facilities. Clients are impressed by new recruit Christian Pilkington, who is ‘a trusted adviser with technical and commercial strength’. Other key players in the practice include Mark Glengarry and Stephen Phillips.
Addleshaw Goddard LLP’s team is in the ‘premier league’ for insolvency matters, and is seeing a growing share of bigger-ticket restructurings; its roster of institutional clients has expanded to include non-clearing banks such as Allied Irish, Bayern LB, and Bank of Ireland. The ‘feisty and sure-footed’ Alison Goldthorp has ‘fantastic restructuring skills’, and has led on a number of large instructions for the firm. John Joyce continues to head the practice.
Group head Simon Waller at Eversheds LLP leads ‘a well-rounded team which gives excellent commercial advice’. A reputable name in the mid-market, the firm ‘combines both practical and technical expertise’, and advises both creditors and debtors. Paul de la Pena and Byron Nurse are also recommended.
Lawrence Graham LLP has a great position in the mid-market; its ‘strong team’ is ‘excellent value for money’. The firm advised Hill Dickinson LLP on its purchase by way of a pre-pack administration of Halliwells’ Liverpool office and parts of its Sheffield office. Steven Cottee led on that transaction and is recommended, along with Tom Withyman.
Macfarlanes LLP’s Francis Bridgeman is ‘highly skilled in advising boards which are dealing with difficult stakeholders’. Acting predominantly for stakeholders, the team is comprised of ‘consistently outstanding legal advisers, who are able to advise on complex financial and operational restructurings’.
Patricia Godfrey at Nabarro LLP has ‘first-class technical knowledge, and communicates effectively’. The firm’s wider team includes Glen Flannery, who ‘while appearing modest is a very strong lawyer’. The firm acted on the Dunfermline Building Society administration, the Kaupthing Singer & Friedlander liquidation, and the Cloud9 Mobile Communications liquidation.
Norton Rose LLP advises a range of insolvency practitioners, banks and corporates on restructuring and insolvency matters. Leveraging the firm’s strength in shipping, the team landed a major role advising the co-ordinator committee of banks on the $2.5bn financial restructuring of Danaos Corporation, a leading international owner of container ships. James Stonebridge acted on that deal, while Hamish Anderson continues to lead a team advising the US Trustees of Lehman Brothers Inc.
Orrick, Herrington & Sutcliffe (Europe) LLP’s London team of ‘very responsive and personable’ lawyers was instructed on the sale of the Sugar House Lane site, a 13-acre site opposite the Olympic park which was put up for sale following the appointment of CBRE as receivers. Mark Fennessy leads the team.
Paul, Hastings, Janofsky & Walker (Europe) LLP’s four-partner team delivers ‘excellent service at good value for money’. Karl Clowry is highly recommended; he provides ‘clear and commercial advice, and does not sit on the fence’.
Jeremy Goldring and Mike Woollard are recommended at SJ Berwin LLP. The team saw a spike of work coming out of the Icelandic crisis, including taking a lead role advising the creditors of the Bakkavör Group.
Simmons & Simmons’ Peter Manning is ‘proactive, and able to get to the point directly’. The firm’s ‘more than capable’ team also includes new recruit Alan Gar, who is ‘very responsive’ and has a creditor-focused practice.
The team at Stephenson Harwood is ‘extremely knowledgeable and professional’. Stuart Frith, who recently joined the firm, is ‘an expert in his field’, and David Lacey and Alan Bercow are also recommended.
Taylor Wessing LLP’s ‘responsive, pragmatic and commercially realistic’ team now has three partners following the hire of Claire Martin-Royle. Practice head Nick Moser is leading a team advising the trustee of Bernard L. Madoff Investment Securities on the high-profile bankruptcy.
Travers Smith LLP’s Keith Bordell is experienced in turnaround, insolvency and corporate recovery work. His track record includes acting for Kroll Cayman as liquidators of the Peloton hedge fund.
Baker & McKenzie LLP advised the creditors’ steering committee of BTA Bank on a restructuring of the bank’s $16.7bn debt. David Allen was promoted to partner.
Barlow Lyde & Gilbert LLP counts PwC, Grant Thornton and KPMG as clients. The practice is led by Jon Yorke, who focuses on the insurance and financial institution sectors, while Rupert Connell predominantly advises on insolvencies.
Cadwalader, Wickersham & Taft LLP maintains its reputation as a strong restructuring practice acting for creditors in Europe and the US.
John Verrill at Dundas & Wilson LLP is highly regarded by peers, and secured a Court of Appeal victory in the Rubin v Eurofinance case, which is now pending in the Supreme Court.
The team at Field Fisher Waterhouse LLP is valued for its ‘“can-do” attitude’. Young partner Kit Jarvis comes highly recommeded by clients; he is ‘knowledgeable and enthusiastic’, ‘quick thinking’, and ‘has great client manner’.
K&L Gates’ London team gives ‘pragmatic advice and is good value’. Edward Smith is ‘calm and technically proficient’.
Olswang’s advice is ‘very practical, and always focused on the client’s business, needs and goals’. The firm ‘provides a high level of service, with deals being led by commercially minded partners’. Alicia Videon leads the group.
Pinsent Masons continues to advise the trustees of Nortel on the communication group’s restructuring. The firm ‘goes the extra mile to deliver for its clients’. Richard Williams leads the London restructuring group.
Sonia Jordan at Salans is a ‘good negotiator’. The firm advises on smaller deals, and is praised for its ‘good quality of advice and business acumen’.
Squire Sanders Hammonds is noted for its ‘quality of advice and depth of team’. Cathryn Williams is a ‘first-class operator’.
Also of note are: Nick Angel at Milbank, Tweed, Hadley & McCloy LLP; and Tony Horspool at Ropes & Gray LLP. Brown Rudnick LLP, Dewey & LeBoeuf LLP, Reed Smith and Shearman & Sterling LLP are among the firms continuing to make a concerted push into the area.