Restructuring Team of the Year

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CLIFFORD CHANCE - Nicholas Frome; Iain White

Southern Cross Healthcare Group turned to Clifford Chance to rescue it from closing a large chunk of its 752 care homes as tough market conditions and public spending cuts hit it hard. Despite litigation from some landlords, Clifford Chance saved Southern Cross’s business and avoided the displacement of 30,000 residents.

 

 

This award recognises teams that have advised on the most complex restructuring mandate of the year. In choosing the standout advisers in one of the most high profile practice areas in recent times, judges will be looking for clear examples of innovation where the lawyers have delivered crucial outcomes for their client.

 

Southern Cross Healthcare Group turned to Clifford Chance to rescue it from closing a large chunk of its 752 care homes as tough market conditions and public spending cuts hit it hard. Despite litigation from some landlords, Clifford Chance saved Southern Cross’s business and avoided the displacement of 30,000 residents.

HIGHLY COMMENDED

ALLEN & OVERY
Trevor Borthwick; Michael Castle; Gordon Stewart

Allen & Overy took a plum role advising the creditors on Cattles’ restructuring, which included dealing with a £1.6bn debt pile and £200m in payment protection insurance liabilities. After a spell of litigation, a take-private and a cap on the PPI liabilities, Cattles could pay its creditors a signifi cant sum of cash and remain in business.

ASHURST
Nigel Stacey

Advising Real Estate Opportunities (REO), Ashurst successfully saved one of London’s monuments, the Battersea Power Station, from changing hands while owners REO went through a restructuring. As part of this innovative mandate, the firm placed the Battersea station into a new subsidiary and converted £437m of debt-into-equity in the vehicle.

DLA PIPER
Richard Obank

After a two-year process, which saw a management and governance change, new banking facilities, a fi nancial restructuring and new management incentive agreements, DLA Piper successfully turned around the Dyson Group’s business.

FRESHFIELDS BRUCKHAUS DERINGER
Adam Gallagher

This respected team advised consumer fi nance group Cattles and its subsidiaries on its £3bn restructuring. Drafting in a team of 60 lawyers from across the fi rm, Freshfi elds came up against a number of challenges throughout the process, including an opposing retail shareholder group.

LATHAM & WATKINS
Tracy Edmonson; Dan Maze

This firm’s highly experienced team took lead role advising Preem Petroleum and Coral Petroleum on their $2.8bn debt restructuring and exchange offer. As part of the complex mandate, Latham & Watkins negotiated with a raft of creditor groups.

SKADDEN, ARPS, SLATE, MEAGHER & FLOM
Mark Darley; Chris Mallon; Johannes Kremer

Compiling a skilled team from its London and German offices, this US firm advised German cable network operator Tele Columbus Group on its restructuring, which uniquely schemed in England. The team downsized the cable operator’s €1.1bn debt pile to €626m, enabling the company to continue trading.

TRAVERS SMITH
Jeremy Walsh

Travers Smith scored a role as main counsel on Planet Acquisitions Group’s restructuring and disposal programme. The firm negotiated with the group’s mezzanine and senior lenders, kept the shares of the operating subsidiaries outside of the insolvency process and worked closely with the directors.