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Philip Povey

Senior Associate
Philip’s practice focuses on complex cross-border and domestic special situations mandates. He works for a range of restructuring stakeholders across the capital structure in distressed contexts – including corporates/directors, private equity sponsors, distressed investors, financial institutions/alternative credit providers, trustees/agents and insolvency practitioners. Philip has considerable experience advising in connection with cram-down processes (including schemes of arrangement, restructuring plans and CVAs), restructurings of public bond debt, work-out negotiations, liability management transactions and formal insolvency/enforcement.
Areas of FocusFinancial Services


  • Advised the boards of directors of the three UK DeepOcean entities (as well as certain directors of the Dutch Parent company, DeepOcean Group Holding BV) that entered into only the third sanctioned Restructuring Plan in the UK – this market-leading deal involved the first use of the cross-class cramdown provisions in the Companies Act 2006.
  •  Advised an ad hoc group of bondholders to Norwegian pulp and paper company Norske Skogindustrier on the company’s restructuring and distressed M&A process, including associated litigation on both matter of NY and English law.
  • Acting for a key minority sponsor in connection with the restructuring of the Pizza Express Group, in particular its negotiations with the board and the group’s bondholders pending sanction of only the second Restructuring Plan in the UK.
  • Acted for Reliance Communications of India on the cross-border restructuring of its public bond debt, reaching an acceptable compromise with bondholders under an English law bond.
  • Advised a distressed credit fund in connection with their investment strategies in relation to the restructuring of Steinhoff.
  • Advice to the senior noteholder committees of an agricultural company in Ukraine and an ad hoc committee of lenders at risk of being crammed-down in relation to a telecoms company in the Middle East.
  • Advised major US alternative credit providers on cross-border restructuring and enforcement options in connection: (i) a coal mining group in South America; and (ii) a toy manufacturer in the US
  • English
  • LL.B., Law, King's College London 2011
  • BPP University, London Degree in Legal Practice, 2012

Prior Experience

Philip joined the restructuring practice at DLA Piper in 2020 with partner David Manson, having previously worked and gained extensive experience at leading US and international law firms. He has also previously worked with another law firm (on secondment) in South Africa and gained valuable insights into finance and restructuring opportunities and situations more generally across Africa.

Memberships And Affiliations

Member of TMA NextGen