The size and technical know-how of our award-winning UK Restructuring Group is unrivalled. The strength and market standing of our teams across the UK is borne out by our long-standing top tier rankings in the Chambers and Legal 500 directories.
We listen to our clients to understand their business objectives and restructuring needs and pride ourselves on developing innovative restructuring solutions that deliver real commercial results. Our clients benefit from our national and international expertise and resources, coordinated and delivered locally through our network of offices across the UK.
We advise clients on all aspects of restructuring and insolvency, whether in anticipation of them or in dealing with their consequences. Our expertise extends to advising clients on any contentious issues arising from restructurings and insolvencies, including investigations, litigation and enforcement.
Our clients range from debt and equity investors to executives of underperforming businesses and accountants engaged in restructuring and recovery work. We also advise financial institutions in leveraged, syndicated, club and bilateral matters. Our personal insolvency team deals with complex, cross-border bankruptcies and individual voluntary arrangements.
We play an active role in the restructuring sector and regularly work with the Institute For Turnaround, Turnaround Management Association, INSOL and R3. We also have long-standing relationships with the principal professional advisers in the market, be they accountants, restructuring advisory firms, distressed real estate consultants or fixed charge receivers.
Our UK team is part of our global Restructuring Group, which is one of the world's leaders. With dedicated restructuring lawyers across the Americas, Asia Pacific, Europe and the Middle East, we have the knowledge, experience and resources to address our clients restructuring and insolvency needs on a national and international basis. Around the world, our experienced restructuring lawyers 'on the ground' have extensive knowledge of local markets and the associated challenges our clients face, wherever they occur.
Our core restructuring services include:
- Debt and equity rescheduling and refinancing
- Restructuring and reorganisation strategies
- Rescue planning and implementation
- Restructuring structured and leveraged finance vehicles
- Security enhancement and prioritisation
- Disposals and pre-packaged solutions
- Distressed mergers and acquisitions
- Insolvency procedures and office holders' conduct and regulation
- Distressed debt trading
- Debt and asset tracing and recovery
- Insolvency and bankruptcy-related investigation, litigation and enforcement
- Protection against key customer and supplier insolvency
- Non-performing loan advice
We advise clients across a wide range of industry sectors and have particular strength in energy, financial services, healthcare, hospitality and leisure, mining, real estate, retail, sports, technology and transportation.
Some of the significant matters we have recently worked on are set out below:
- Opal Group - Acting in the high-profile administration of Opal Group, Britain's largest student accommodation provider. We were retained by KPMG and PwC and played a leading role in the deal, handling accommodation at 14 universities nationwide. We also advised various banks on their exposure to the Group, which had a multi-bank exposure of over £1.2 billion.
- UK Coal - Advising on the high profile and complex debt and capital restructuring of UK Coal Group. The mining and investment property operations of the Group are being separated with the objective of providing a sustainable platform to enable coal production to continue, as well as maximising value from the property portfolio. The restructuring was described by the national press as "fiendishly complicated" and is an important transaction for the UK coal industry. This job resulted in the team being recognised at the Endless Awards in 2012 for Restructuring of the Year.
- Jones Lang LaSalle - Advising receivers from Jones Lang LaSalle on one of the largest property collapses in recent years relating to Daniel House and Peterborough Court, Goldman Sachs' UK headquarters. The debt restructuring and subsequent sale involved an innovative series of parallel schemes of arrangement which were implemented in England and the British Virgin Islands to enable a debt free vehicle to be sold to the purchaser.
- Dyson Group - Advising on the successful turnaround of this global automotive component group which saved more than 400 jobs. The turnaround involved a highly complex debt for equity swap and pension restructuring with international and significant regulatory dimensions.
- Lexi Holdings - Advising a syndicate of UK banks and KPMG as administrators in the restructuring/insolvency of Lexi Holdings. The company was defrauded of approximately £50-70 million. We obtained judgements against 18 parties, committed the main director behind the fraud to prison, and recovered approximately £40 million in real estate worldwide.
- Jane Norman - Advising the syndicate of banks and the administrators of Jane Norman Group and Jane Norman (Holdings) in relation to the restructuring and subsequent sale of the business. We undertook a full contingency planning exercise and, when a pre-packaged administration sale of the borrower group was agreed, advised the syndicate and proposed administrators on the competitive sale process. We were required to coordinate our restructuring advice on a multi-jurisdictional basis as Jane Norman Group had shops, concessions or franchise arrangements across Europe, the Middle East, Australia and the US.