The Legal 500 > United Kingdom - Solicitors > London > Corporate restructuring & insolvency

Headed by James Roome and Barry Russell, Akin Gump LLP's 13-partner team dominates the public bondholder and private placement space. It is consequently involved in many of the biggest-ticket global mandates, leveraging the expertise of practitioners in key international locations including New York, Frankfurt, and Hong Kong. The team is appreciated by clients for its willingness and ability to 'make a deal, even between disparate and different types of stakeholders', and while the team may be more limited in scope than some of ranked firms, it has 'unrivalled experience in representing bondholder committees in distressed situations'. Although the practice is sector agnostic it has particular strength in the energy space, where James Terry has provided an 'outstanding service' to Norwegian Trustee and across high yield restructurings in the oil and gas industry. 'A very safe pair of hands for all complex restructuring work', Liz Osborne has an 'excellent profile in the market' and recently led the firm's work as independent international counsel in connection with the negotiation, agreement, and implementation of the settlement plan for Croatia-based conglomerate Agrokor on its high-profile restructuring. Emma Simmonds 'consistently provides pragmatic advice in complex situations' and is also recommended.

With a core group of ten partners based in London, and also able to draw upon 'huge firm-wide resources' across Europe, Asia, the Middle East and the US, Allen & Overy LLP's  'strong, experienced and capable' team has the critical mass and geographical reach to provide a one-stop-shop service to a broad range of stakeholders in many of the highest-profile and most challenging cross-border restructurings. Praised for the 'technically strong and commercial' attributes of their lawyers from across all levels of seniority, the team is able to provide a 'very solution-oriented and nuanced approach' with the flexibility to offer international advice including, but not limited to, US Chapter 11, UK schemes of arrangement, pre–packaged sales and debt for equity swaps. This overarching knowledge and experience across jurisdictions was recently deployed to good effect on the firm's representation of the co-ordinating committee as creditors on the $5bn financial restructuring of Ojer Telekom and the subsequent creditor acquisition of its subsidiary Turk Telekom. The 'exceptional' Ian Field is global head of the firm's restructuring group and is appreciated for his 'ability to remain calm when the pressure is on'. Randal Weeks  has 'excellent attention to detail', which he exhibits  on behalf of lender clients on big-ticket restructurings. Jennifer Marshall provides 'outstanding focus and leadership' across both contentious and non-contentious matters and is recognised as a thought-leader across many cutting-edge industry topics. Joel Ferguson  has extensive experience advising a wide range of clients, including financial institutions, funds, corporates, and insolvency practitioners. The team's funds-related restructuring offering was recently enhanced by the return to the firm in April 2019 of Tim Watson , following a stint at investment management firm Davidson Kempner.

Able to leverage the firm's robust banking ties and 'successfully forging strong relationships with funds clients', Clifford Chance LLP's five-partner team has been particularly active of late advising on the creditor side of big-ticket domestic and cross-border restructurings. 'Class act' Philip Hertz is active for a range of stakeholders across restructuring and insolvency matters, and alongside the 'outstanding' John MacLennan recently advised HSBC Bank and Industrial and Commercial Bank of China on the restructuring, short-term financing and, ultimately, administration of House of Fraser.  The 'superb' Iain White  has a versatile practice for both creditors and debtors and is a key member of the team that also includes the 'excellent' David Towers, who has a particular focus on the representation of alternative lenders.

Under the 'effective leadership' of Partha Kar and Kon Asimacopoulos,    Kirkland & Ellis International LLP's 'user-friendly and proactive' seven-partner team 'displays a unique ability to craft innovative restructuring solutions across the European landscape' on behalf of both debtors and creditors. Kar and Asimacopoulos are recognised as 'two of the most highly respected restructuring lawyers in Europe' and have both been central to the firm's market-leading work for Agrokor in the successful completion of its groundbreaking two-year restructuring process (a highly politicised process involving the implementation of an emergency new law). Sean Lacey 'really gets it' and handles an impressive roster of work for funds clients in credit led-restructurings and special situations, including his work for majority noteholders in the House of Fraser restructuring. 'Now the go-to- lawyer in London for CVAs', Elaine Nolan has 'deep technical knowledge of the area' and has been at the forefront of many recent high-profile retail restructurings, including Toys 'R' Us and Homebase. The 'brilliant' James Watson covers a diverse portfolio of stakeholders including debtors, creditors (both banks and alternative capital providers, individually and as ad hoc or co-ordinating committees), sponsors, and insolvency practitioners.

With a substantial core group of restructuring practitioners based in London, as well as the ability to leverage the vast global reach of the firm and its excellence in complementary practice areas, Linklaters LLP is able to' produce restructuring, and workout advice of the highest quality', irrespective of the geographical location or client type. Spearheaded in London by the 'level headed' Richard Bussell and 'technically excellent' Rebecca Jarvis , the team is equally adept at handling restructuring and transactional-related distressed debt mandates as it is in relation to matters involving recourse to formal insolvency procedures. The 'super commercial' Bruce Bell is well-regarded for his debtor-side work, as well as on the creditor front for distressed funds. The 'remarkably bright' James Douglas  excels in contentious creditor work and is a key member of the team that also includes the 'highly technical' Nick Le Masurier, who, in addition to core creditor and debtor work, has also developed a niche in relation to bank recovery and resolution.

With six partners based in London and the expertise of additional practitioners covering all the major European jurisdictions, Hogan Lovells International LLP's full-service team is recognised as 'a credible alternative to Magic Circle and US competition'. While it maintains its traditionally strong banking relationships, under the guidance of 'measured and sensible' team head Tom Astle, the team has successfully realigned itself to support the full range of distressed investors. Astle received particular market recognition recently as a result of his high-profile work on behalf of an ad-hoc noteholder committee on the Agrokor restructuring – work which included the design and implementation of a novel €1.06bn debtor in possession (DIP) funding into that process. Deborah Gregory has been active within the retail and casual dining sectors, including her work in relation to the administration, CVA and subsequent sale of the company owning the chain of Gaucho restaurants. Stephen Foster has 'outstanding market contacts and respect' and provides 'very commercial advice' to banks and insolvency practitioners on domestic and cross-border mandates.

Latham & Watkins' rapidly growing six-partner team – strengthened by the arrival of 'extremely proactive problem solvers' Yen Sum  and Jennifer Brennan from Sidley Austin LLP in July 2018 – provides 'insightful and highly bespoke advice' to a range of stakeholders throughout the capital structure. Instructed on a standalone basis and also generating a significant workflow from the firm's strong private equity and bank/capital markets practices, the team provides 'dynamic and user-friendly advice' to creditors and debtors across a growing volume of the  most complex cross-border restructurings in the market. 'Highly commercial' team head Simon J Baskerville is a 'force of nature for fund restructurings'. He recently spearheaded the team's work, along with practitioners from New York and Hamburg, on the high-profile representation of a committee of creditors of Steinhoff Europe on its comprehensive restructuring. The 'very experienced' John Houghton handles work for a broad range of stakeholders, particularly in relation to emerging markets mandates, while Helena Potts has a focus on debtor side mandates.

Able to mobilise cross-disciplinary expertise, including practitioners from within the firm's corporate, litigation and finance practices, Slaughter and May 's core four-partner team is praised for its 'versatility across the credit spectrum' and ability to handle many of 'the most challenging and complex situations in the market'. Able to leverage the firm's impressive roster of corporate clients, in addition to attracting standalone work, the firm has 'excellent debtor-side credentials and has recently been involved in a number of the preeminent restructurings and insolvency cases'. 'A very good double act', Ian Johnson and Tom Vickers 'have proven many times that they can deliver difficult projects on time and with rigour', including their recent work for Carillion Plc on its high-profile insolvency. The team is also praised for its 'industry leading work in the field of financial services restructuring'.

Benefiting from 'excellent market knowledge', Weil, Gotshal & Manges (London) LLP's five-partner team provides 'superb technical knowledge and pragmatic realism' to a balanced mix of debtor and creditor-side clients. Able to harness the expertise of US-based practitioners should the need arise, the firm has the flexibility to execute matters using both UK and US insolvency procedures. This combined effort was recently realised by the team's work (alongside the New York group) as global restructuring counsel to Westinghouse Electric Company in its Chapter 11 and associated proceedings. The 'tactically astute' Andrew Wilkinson has an excellent reputation on both the creditor and debtor front, including in relation to distressed investing matters for funds clients. 'There is nothing he cannot handle on the restructuring front' – Adam Plainer 's work includes contentious and non-contentious insolvency matters for creditors and debtors. 'Able to frame extremely complicated concepts and choices in a clear way', Mark Lawford handles high quality and complex work for a diverse mix of clients, including private equity and hedge funds, banks and insolvency practitioners. Counsel Linton Bloomberg is 'an emerging star who has worked on a string of excellent high-profile cases and will lead the way in years to come'.

Benefiting from 'exceptional' restructuring and insolvency subject matter knowledge, as well as expertise across a broad swathe of industry sectors (including financial services, mining, energy, retail, and transport), White & Case LLP provides 'very commercial' advice to banks, insolvency practitioners, funds and corporates, across a wide range of formal insolvency work and more transactional restructuring mandates. Able to draw upon a strong international network, the firm picks up a substantial amount of emerging markets-related debtor mandates, including its recent work for Brazilian telecommunications company, Oi, on its $20bn restructuring. Team head Christian Pilkington has an excellent reputation in the market, particularly on behalf of funds clients, which he regularly advises in the context of multi-jurisdictional mandates. Ben Davies is also highly regarded, while at associate level, Morvyn Radlow continues to develop a strong reputation, particularly among funds clients.

Leveraging the firm's broader financing capability, which is well plugged into the traditional banking and alternative lending ecosystem, and also benefiting from a 'strong core breadth of technical knowledge', Ashurst is well-placed to handle work for an impressive range of creditor and debtor stakeholders. Team head Giles Boothman has a 'tremendous depth and breadth of knowledge', and as well as work for debtors on domestic and cross-border mandates (including recently for Interserve and Johnson Press on their respective restructurings), is also particularly active for US-based funds in loan-to-own distressed acquisitions. The 'superb' Olga Galazoula is pivotal to the firm's work for funds looking at distressed investment opportunities in southern Europe and has been particularly active on the buy side for funds seeking to acquire Greek NPLs.

Galvanised since the arrival of the 'superb' Yushan Ng and several other practitioners from Cadwalader, Wickersham & Taft LLP at the beginning of 2018, Milbank's six-partner team continues to pick up market share on the creditor front on behalf of funds clients. Often working alongside and feeding off the firm's 'impressive' front end bank and bond practices, the team excels at handling complex distressed investment/special situations work, where it can also add value by virtue of being able to structure deals implementing both UK and US-governed financing documents. Nick Angel co-heads the team with Ng and is more debtor focused in his practice, as evidenced by his recent work both for Avanti Communications on the amendment of its $323m senior secured notes through a consent solicitation, and on a debt for equity swap of Avanti’s $557m senior secured notes through a scheme of arrangement.

Benefiting from a 'can-do approach and practical attitude', Dentons' 'technical and commercial' six-partner team has 'broad and deep coverage', enabling it to effectively handle the gamut of contentious and non-contentious matters for longstanding banking clients, insolvency practitioners, funds, and corporates. The team regularly draws upon the expertise of practitioners from across its corporate, finance, real estate and litigation practice groups, and has successfully done so on many high-profile mandates, including its recent work for the Official Receiver and Special Managers of Carillion. Contentious insolvency expert Neil Griffiths spearheaded the aforementioned mandate and is noted for his 'immense experience', enabling him to 'benefit from having dealt with many issues before'. Counsel Luci Mitchell-Fry  provides 'clear, concise and direct advice' to a range of stakeholders, including financial institutions, distressed corporate debtors and their management, across both contentious and non-contentious matters.

Co-headed by Kevin Pullen and John Whiteoak  for non-contentious and contentious work respectively, Herbert Smith Freehills LLP's ten-partner team provides 'practical and commercial solutions' to a wide range of stakeholders on the creditor and debtor front, particularly in distressed scenarios within firm-wide sector strengths including energy, infrastructure, travel, and leisure. Able to overlay complementary practice areas including corporate, litigation and tax, and also aided by an extensive international network, the firm has the ability to handle big-ticket cross-border debtor mandates as evidenced by its ongoing work in the longstanding Nortel matter.

While Jones Day's London team lacks the visibility of its US colleagues, particularly for big-ticket debtor mandates, it has successfully developed a strong practice in relation to contentious and non-contentious matters for insolvency practitioners. 'Excellent' team head Ben Larkin  has recently been very active on behalf of stakeholders in relation to the spate of domestic retail failures, including his work for the liquidators of BHS on its high-profile insolvency. Sion Richards has an excellent reputation for handling contentious insolvency matters, while Kay Morley  regularly advises fund clients investing in distressed opportunities.

Paul Hastings LLP's restructuring team continues the upward trajectory it has been on since the arrival of the 'vastly experienced and creative' David Ereira from Linklaters LLP at the beginning of 2016. The arrival of the 'very well-respected' David Manson at the end of 2017 from White & Case LLP is the latest notable partner level addition to the team and underscores the firm's expanding capabilities in the area, which have substantially diversified from its roots in relation to niche real estate-related structured finance mandates. The scope of the work now includes mandates from debtors and creditors throughout the capital structure, and includes domestic and cross-border formal insolvency mandates, as well as matters involving a more transactional approach. Praised for his 'excellent strategic vision', Ereira recently gained significant market acknowledgement for his high-profile work on behalf of leading clothing retailer, New Look, on the CVA of all of its occupational leases.

Despite the departure in March 2019 of Michael Fiddy  and Amy Jacks to Mayer Brown International LLP, DLA Piper maintains a well-resourced team out of London and key regional hubs (including Birmingham and Manchester) and is well-positioned to handle insolvency/restructuring work in the domestic mid-market in particular. Strong ties with insolvency practitioners and UK clearing banks continue to generate a significant flow of traditional restructuring and insolvency work for Chris Parker's five-partner team, with the firm's role for the Official Receiver following Carillion's demise a particular highlight.  

Provided with additional bandwidth and critical mass by the arrival in June 2019 of Michael Fiddy and Amy Jacks  from DLA Piper, Mayer Brown International LLP 's six-partner team represents a broad mix of stakeholders, including funds, corporate trustees, insolvency practitioners, and banks across a range of contentious and non-contentious mandates. Team head Devi Shah is 'extremely pleasant to work with and provides reliable advice' across both domestic and cross-border mandates, with particular niches on insurance insolvencies and pensions-related restructurings.

'Capable of turning their hand to anything', Pinsent Masons LLP's five-partner team provides 'responsive and cost-effective advice' to banks, funds and insolvency practitioners. Under the stewardship of the 'very experienced and capable' Nick Pike , the team is particularly strong within the domestic mid-market and handles a tremendous volume of work for debtors and creditors within core areas of sector focus, including retail and leisure and construction. The 'exceptional' Steven Cottee is a key member of the team and is noted for his expertise at handling law firm administrations.

Led by the 'pragmatic and thoughtful' Mark Fennessy, Proskauer Rose LLP 's three-partner team 'punches well above its weight' and regularly picks up mandates for key stakeholders in major international non-contentious and contentious matters. Fennessy is 'very knowledgeable and experienced in complex workout scenarios and large insolvencies', including his high-profile work alongside the firm's US offices for the unsecured claims committee in relation to the insolvency of Westinghouse Electric Corporation. The London team is also picking up a significant amount of mandates from its highly regarded direct lending team, including in relation to enforcement work for numerous funds that made loans into the retail space.

Led by Mei Lian, Shearman & Sterling LLP's 'knowledgeable and well-prepared team' excels in handling non-commoditised mandates involving the restructuring of complex capital structures. Noh picks up a significant amount of bondholder committee work for hedge funds and other asset managers in relation to investment opportunities and trading execution within European distressed situations. Lian has recently handled numerous NPL disposals in Europe, including her work for Piraeus Bank on its portfolio disposal to Bain Capital Credit (notable for being the first commercial real-estate backed NPL transaction in Greece). The team also has a strong track record handling debtor-side financial services restructuring work, where it works seamlessly with its financial services regulatory team.

The 'very user-friendly' three-partner team at Simmons & Simmons handles a mix of contentious and non-contentious matters for a varied array of stakeholders, including insolvency practitioners, banks, funds, and corporates. Formerly in-house within Deutsche Bank's distressed products business, team head Ross Miller has successfully grown the firm's workflow on behalf of distressed investors, and is a key member of the team that also includes the 'able, accessible and approachable' Peter Manning. Noted by one client as 'probably the best insolvency lawyer in the world', Manning picks up a considerable amount of work on behalf of boards of directors in distressed corporates.

Led on the insolvency front by the 'technically very strong' head of insolvency, Simon Beale, and for restructuring mandates by the 'very smart' head of the wider restructuring and insolvency group Jat Bains, Macfarlanes LLP provides 'highly commercial advice' to insolvency practitioners, funds, lenders, and corporates. In the asset management space, as well as picking up debtor mandates for distressed portfolio companies of private equity sponsor clients of the firm, the team is also active in distressed M&A for turnaround funds and hedge funds. Bains has niche expertise in relation to professional services insolvencies, and continues to represent Slater and Gordon in ongoing matters related to its restructuring by way of a debt for equity swap. The team was also strengthened on the special situations and distressed M&A front by the arrival in June 2019 of Peter Baldwin from Ropes & Gray LLP.

Co-headed by Sarah Coucher and James Stonebridge, Norton Rose Fulbright's 'effective and impressive' eight-partner team provides a compelling blend of 'strong legal analysis and practical business-focused insights' to banks, funds, and corporates engaged in contentious and non-contentious insolvency matters. The team is particularly active in core sector areas of strength for the firm as a whole, including transport and energy-related restructurings and insolvencies. Praised for his 'measured and sensible approach', Mark Craggs is developing a strong reputation for a range of stakeholders, particularly in relation to cross-border matters.

Headed by the 'proactive, focused and calm' Edward Smith ,  Travers Smith LLP's 'small but perfectly formed' two-partner team has 'excellent technical knowledge and understanding' of insolvency and restructuring procedures. The firm has been particularly active of late handling mandates within the high street/retail space, and has advised numerous debtors, including Carpetright and Carluccio's, on their CVAs. The team also picks up a significant amount of work for troubled portfolio companies from the firm's 'top-notch' roster of mid-market private equity sponsors.

With a strong presence in London, as well is in regional offices including Manchester, Addleshaw Goddard handles a significant volume of UK mid-market restructuring mandates, particularly from clearing banks and accountancy firms. Although it is active across a wide range of industry sectors, the team provides particular prowess in relation to contentious and non-contentious mandates in sectors where the firm has an overarching focus; including healthcare, education, and energy. 'Experienced and driven' co-head Fraser Ritson has recently received a significant number of instructions from boards of directors of troubled companies, including from Evans Cycles. Alison Goldthorp has a strong reputation in the domestic market particularly for contentious insolvency matters.

Despite being hugely impacted by an exodus of partners at the beginning of 2018 to Milbank (including rainmaker Yushan Ng), Cadwalader, Wickersham & Taft LLP still has several US-qualified practitioners based in London, including  'impressive' team head Gregory Petrick and thereby has the capacity to handle restructuring work – particularly for bondholders – on cross-border situations. It can also effectively leverage practitioners from its acclaimed New York office.

Led by the 'very experienced and able' Paul Fleming, Dechert LLP's three-partner team's sweet spot lies in its ability to represent funds clients as creditors on big-ticket multi-jurisdictional matters – where it is able to successfully leverage the firm's global network (which includes offices in the US, Europe and CIS). The team is 'particularly strong in the contentious arena', an area where the 'calm and measured' Adam Silver combines commercial litigation skills with a strong focus in restructuring and insolvency to provide 'very effective advice' to bondholders in seeking to assert their rights using litigation tools. Solomon Noh (one of the few lawyers based in London with Chapter 11 capability) joined from Shearman & Sterling LLP in early 2020.

Led out of London by 'safe pair of hands' Simon Waller, and also able to tap into the expertise of practitioners from across the firm's extensive regional network of offices, Eversheds Sutherland (International) LLP's eight-partner team excels at handling domestic mid-market mandates for a diverse client base that includes clearing banks, funds, corporates and insolvency practitioners. The 'fantastic' Jamie Leader has 'huge intellectual ability and sound commercial sensibilities' which he applies to good effect in relation to complex contentious insolvency matters.  

Led by 'thoughtful and detail-oriented' Susan Moore, Stephenson Harwood's eight-partner team provides 'robust advice' to a diverse array of clients including funds, insolvency practitioners, corporates and banks, and is best-known for its 'very strong capability in relation to contentious matters'. Moore is regularly at the forefront of the highest-profile matters handled by the team and excels at handling matters with a cross-border angle, including her work for the Norwegian official receiver of the Norske Skog group (which is Norway's largest ever corporate insolvency).

Led by Nick Moser, Taylor Wessing LLP's restructuring team receives a significant flow of domestic and cross-border work from insolvency practitioners on formal insolvency procedures, as well as from a growing roster of funds clients seeking to realise value in the distressed debt market. As well as recently securing significant roles in some high-profile retail collapses (including work for the management team on insolvency and restructuring matters prior to LK Bennett going into administration), the firm also picks up a sizeable flow of work relating to IP-rich entities from the firm's market-leading venture capital practice. Other niches include pensions restructurings, and fraud and complex real estate restructuring and recovery.

Led by the 'knowledgeable, commercial and down-to-earth' Joss Hargrave ,        Bird & Bird LLP provides a 'partner-led service' to banks, corporates and insolvency practitioners on corporate restructuring matters and formal insolvencies. The team excels in providing restructuring/insolvency expertise in relation to situations occurring within industry sector strengths of the firm as a whole, including transportation where – alongside wider support from the firm's aviation team – the team is advising the Chinese shareholder of Cobaltair on the insolvency of the airline.  Other niche areas of expertise include advice for stakeholders impacted by distressed situations within the financial services and sports sectors.

The 'incredibly diligent, knowledgeable and approachable' five-partner team at Charles Russell Speechlys LLP 'can deal with everything from complex, cross-border restructuring and insolvency issues to more straightforward, domestic insolvency matters'. Although the firm also handles restructuring and transactional-based matters, it has a particularly strong reputation in relation to contentious insolvency matters, including misfeasance claims brought against directors. Simon Ridpath provides 'very commercial and highly technical advice'.

Led by the 'very experienced and reliable' David Fletcher, Farrer & Co handles a 'wide-range of insolvency cases', particularly in matters which intersect with the private client and charities sectors. The team also excels at handling insolvencies involving complex trust structures and advising high-net-worth individuals during the breakdown of their marriages on insolvency issues arising out of directorships/shareholdings in companies in financial distress. Anne-Marie Piper is recognised as having a specialism in advising charities in financial difficulty, and she also acts for insolvency practitioners when they are appointed over charities.

Led from London by Stewart Perry  and from Manchester by Michelle Shean, Fieldfisher has a strong national practice in the mid-market on behalf of insolvency practitioners, banks, corporates and directors across the spectrum of insolvency work, ranging from advisory corporate restructuring matters, through to formal insolvencies and insolvency-related disputes. Although it is active across a range of industry sectors, the team is able to add particular value to matters within the retail, life sciences, and energy spaces.

Strengthened on the transactional restructuring front by the arrival in November 2018 of Daniel Martin from Ropes & Gray LLP, Fladgate LLP has an increasingly balanced offering for funds on distressed investment work, as well as more traditional IP-led insolvency matters. Spearheaded by the 'commercial' Jeremy Whiteson and the 'superb' Bree Taylor, the five-partner team is particular strong at handling contentious insolvency matters, primarily within the lower-mid market. Industry sector strengths include aviation, sports, and infrastructure.

Headed by the 'technically very strong' Ashley Katz , Fried, Frank, Harris, Shriver & Jacobson LLP's one-partner London team has made some successful inroads into the market since it was established in 2016. Leveraging the firm's overarching asset management prowess, it is 'especially strong acting for funds clients', particularly on mandates involving a cross-border element.

The 'young and energetic' team at Gowling WLG has a 'real strength in both restructuring and insolvency litigation'. Led by Julian Pallett, the six-partner team has successfully cultivated strong relationships in both London and Birmingham, as well as regularly picking up work from clearing banks, turnaround professionals, and directors. The team is also noted for its 'in-depth knowledge of the pensions space' and regularly works with its market-leading defined benefit pensions team to provide bespoke insolvency-related advice to pension trustees. On the contentious front, it has a strong reputation handling asset tracing cases as well as in relation to public interest winding-up cases.

Praised for its 'ability to provide a very high-quality service at a reasonable price', Michelmores LLP excels in advising boards of directors of companies experiencing financial difficulty, where it is noted for its 'strategic thinking' and ability to provide 'commercial and hands-on advice in complex situations'. The 'experienced, practical and approachable'  Charles Maunder heads the three-partner team that also includes the 'pragmatic and strategic' Douglas Hawthorn, who excels in handling private equity sponsor-led restructurings.

Led by the 'commercial and creative'Stephen Phillips, Orrick, Herrington & Sutcliffe (Europe) LLP's two-partner team 'has a deep understanding of cross-border matters' and frequently works alongside colleagues from the US on complex matters involving debt from throughout the capital structure including bank and bond products. The team has handled some impressively high-profile mandates of late within the energy sector, including its work for offshore drilling contractor Ocean Rig in its comprehensive $3.7bn financial restructuring.