Our Global Restructuring group. Brochure.

Transcription

1 Our Global Restructuring group Brochure 2014

2 2 Our Global Restructuring group 2014 A first-class restructuring group GLOBAL PRESENCE AFRICA ASIA PACIFIC EUROPE Casablanca Bangkok Beijing Hanoi Ho Chi Minh City Hong Kong Jakarta* Perth Shanghai Singapore Sydney Tokyo Yangon Amsterdam Antwerp Athens** Belfast Bratislava Brussels Bucharest* Budapest Düsseldorf Frankfurt Hamburg AMERICAS New York São Paulo Washington, D.C. Allen & Overy LLP 2014 Istanbul London Luxembourg Madrid Mannheim Milan Moscow Munich Paris Prague Rome Warsaw MIDDLE EAST Abu Dhabi Doha Dubai Riyadh* * Associated offices ** Representative office

3 3 Our unrivalled restructuring and insolvency team, with more than 130 lawyers specialising in restructuring across 43 offices globally, is truly world class. With such an extensive and dedicated team, we advise on the largest and most complex restructurings, and pride ourselves on providing pioneering solutions as well as real commercial results. We specialise in cross-border restructurings and insolvencies, utilising the full range of international options including US Chapter 11 reorganisations, UK schemes of arrangement, pre-packaged sales and debt for equity swaps. Our expertise covers advice on contingency planning, insolvency filing requirements, debt restructuring and reschedulings, distressed acquisitions/sales, credit bidding, formal insolvency proceedings, out-of-court refinancings and distressed debt trading. We advise lenders and investors at all levels of the capital structure as well as corporates/directors, central banks, insolvency officeholders/trustees and government institutions. We work closely with specialists in related practice areas including finance, corporate, real estate, employment, pensions, tax, environment, regulatory, capital markets and litigation to provide a seamless and integrated service. Unique global capacity The group consists of over 130 lawyers throughout 43 offices worldwide Market leading practice We are known as one of the few practices with the ability to advise on extremely complex cross-border transactions Delivering cutting edge solutions Our approach provides clients with easy access to broad cutting edge expertise, leading to effective results

4 4 Our Global Restructuring group 2014 Highlights of our recent experience around the globe Deutsche Annington Immobilien Group One of Germany s leading residential property companies, on the rescheduling of the EUR4.3bn German multi-family CMBS. This is one of the largest European real estate finance and CMBS refinancings since the financial crisis and involves a cross-border team from our German and UK offices. Stemcor The coordinating committee of lenders in relation to the restructuring of the Stemcor group, a privately owned steel trading business. The restructuring has involved coordinating over 80 lenders holding GBP3bn of debt with the solution requiring UK schemes of arrangements and the development of a bespoke committed syndicated trade finance facility. Vinashin The agent and steering committee on the successful restructuring of Vinashin. This is the first restructuring of a state owned enterprise of anything like this importance in Vietnam. The transaction has had macro-economic effects on the relevant jurisdiction with Government involvement at the highest levels. Implementation of the restructuring was through a ground breaking use of an English scheme of arrangement. The Co-operative Group The Co-operative Group (Group) and The Co-operative Bank (Bank) on the recapitalisation plan for the Bank which involves a consensual bail in, the first of its kind in the UK, and other capital raising initiatives. We continue to advise the Group and the Bank in relation to the implementation of the recapitalisation plan. Greece The Steering Committee of Private Creditors of Greece on the EUR206bn debt restructuring of the Hellenic Republic (PSI). This was one of the first times in recent history that a bondholders committee was recognised by the sovereign debtor and able to effectively negotiate the terms of the new bonds issued as part of the restructuring. Coeur Défense The major investors in the EUR1.6bn commercialmortgage-backed securities transaction by Windermere XII FCT, which is subject to safeguard proceedings in France. This transaction was the biggest and one of the latest transactions CMBS in Europe when it closed in August 2007 at the height of the market. Dubai World, Nakheel, Drydocks World and Dubai International Capital Each of the separate creditors committees in relation to the USD14.4bn restructuring of Dubai World, the USD10.4bn restructuring of Nakheel, the USD3bn restructuring of Drydocks World and the USD2.5bn restructuring of Dubai International Capital. European Directories Group Triton on its acquisition of a majority interest in the European Directories Group through a loan to own structure and a EUR15m capital injection. This was the second debt restructuring for the European Directories Group. Evergrande Credit Suisse and other financial investors in connection with the restructuring of an approximately USD500m secured term loan facility for Shengjian (BVI) Ltd. This was one of the first significant restructurings to come out of China during the financial crisis. Saur The junior creditor committee in relation to the restructuring of SAUR the French water company. Allen & Overy LLP 2014

5 5 Lehman Brothers As well as advising over 150 counterparties in relation to the failure of Lehman Brothers, we advised two of the parties to the application brought by the administrators of Lehman Brother International (Europe) (in administration) (LBIE) for directions in relation to some USD2bn of client money held by LBIE including bringing an appeal in the Supreme Court. We also acted for ISDA in relation to litigation involving the construction of the ISDA Master Agreement. Lehman Minibonds PricewaterhouseCoopers as the receivers appointed to the mortgaged property securing the Lehman Brothers minibonds. Lehman Minibonds were issued to more than 40,000 retail investors in Hong Kong and the potential losses are in excess of USD1.2bn. Global Investment House The co-ordinating committee led by Abu Dhabi Commercial Bank in the restructuring of the outstanding USD1.7bn indebtedness of Global Investment House, a Kuwaiti investment bank. Merckle Steering committee banks in connection with the successful restructuring of the Merckle Group (VEM/Merckle- Ratiopharm, Phoenix and Spohn Cement) involving loans of approximately EUR8.3bn. MF Global UK Limited A plethora of creditors and counterparties in relation to their positions in the special administration of MF Global UK Limited. Nortel Networks Advising Ernst & Young, which has been appointed as the monitor of Nortel Networks Corporation and certain affiliates in their CCAA proceedings pending before the Ontario Superior Court of Justice (Commercial List). We have commenced Chapter 15 cases in the U.S. for the Canadian affiliates and are representing Ernst & Young, as monitor, in the U.S. Chapter 11 cases. We are actively engaged in all aspects of the numerous asset sales, complex cross-affiliate, cross-border claims resolution issues, intercreditor issues, theories and strategies relating to the allocation of more than USD7bn of asset sale proceeds, and certain employee issues. Pfleiderer Group The steering committee banks on the high-profile restructuring of Pfleiderer Group, one of the worldwide leading manufacturers of engineered wood, surface finished products and laminate flooring. Quinn Group Quinn Group Limited and its subsidiaries in connection with the consensual restructuring of the group s debts. Quinn Group is one of Irelands largest conglomerates and a major employer in Ireland and Northern Ireland. Treofan Management & Capitali on the debt-to-equity swap of EUR170m bonds issued by Treofan Germany GmbH & Co. KG. SEAT Pagine Gialle S.p.A The sponsor in relation to the consensual restructuring of SEAT Pagine Gialle S.p.A., the Italian listed publisher of business directories. BorsodChem Wanhua Industrial Group, the largest producer of isocynate in the Asia Pacific region, on its acquisition of Hungarian chemicals company BorsodChem for a reported transaction value of EUR1.23bn.

6 6 Our Global Restructuring group 2014 Awards Greek PSI Debt and equity-linked deal of the year IFLR Europe Awards 2013 SEAT Pagine Gialle Restructuring Deal IFLR Europe Awards 2013 Restructuring/ Bankruptcy Team Financial News Awards 2013 Angiotech Pharmaceuticals Restructuring Deal IFLR Americas Awards 2012 Rockstar Bidco/ Nortel Networks patent portfolio sale M&A Deal IFLR Americas Awards 2012 KCA Deutag Restructuring Deal IFLR Europe Awards 2012 LyondellBasell restructuring Restructuring Deal IFLR Europe Awards 2011 Restructuring Law Firm ALB Law Awards 2010 Dubai World Restructuring Deal IFLR Middle East Awards 2011 Merckle restructuring Highly recommended in the category of financial services FT Innovative Lawyers Report Rankings 2010 Restructuring and Insolvency Team Allen & Overy LLP/ Santoni & Associés Trophées du Droit et de la Finance 2010, Décideurs Wanhua- BorsodChem Restructuring Deal 2011 China Law & Practice Awards 2011 Allen & Overy LLP 2014

7 7 Allen & Overy is recognised for its ability to co-ordinate internally, providing clients with seamless representation spanning numerous specialisms. Chambers Global, 2014 (Restructuring and Insolvency: Global Wide What differentiates them from their competitors is the strength in depth, it s always seamless. IFLR 1000, 2014 Restructuring and Insolvency Tier 1 Allen & Overy s global restructuring and insolvency group is the premier practice within the global market and continues to advise on the majority of the largest and most high profile deals. Chambers Global, 2013 (Restructuring and Insolvency: Global Wide) Allen & Overy LLP s name is synonymous with quality across the globe and the world s biggest banks trust it. This gold-standard reputation makes it a good choice for cross-border restructurings. Legal 500 USA 2013 Corporate Restructuring and Insolvency

8 GLOBAL PRESENCE Allen & Overy is an international legal practice with approximately 5,150 people, including some 525 partners, working in 43 offices worldwide. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi Amsterdam Antwerp Athens (representative office) Bangkok Beijing Belfast Bratislava Brussels Bucharest (associated office) Budapest Casablanca Doha Dubai Düsseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Istanbul Jakarta (associated office) London Luxembourg Madrid Mannheim Milan Moscow Munich New York Paris Perth Prague Riyadh (associated office) Rome São Paulo Shanghai Singapore Sydney Tokyo Warsaw Washington, D.C. Yangon Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP s affiliated undertakings. Allen & Overy LLP 2014 I CS1205_CDD-3087_ADD-44304