This award recognises teams that have played a critical role on the most complex restructuring mandates of the year. In choosing winners in this category, judges will be looking for clear examples of innovation and where the lawyers have achieved crucial outcomes for their clients.
2016 WINNER: Weil, Gotshal & Manges
Successfully represented the ad hoc creditors' committee on the restructuring of Ukraine’s $18bn of sovereign debt, a key condition behind the International Monetary Fund’s four-year, $17.5bn loan announced in March 2015. The restructuring included a range of novel elements, including upside instruments to protect the interests of the creditors and provisions for holdout creditors such as Russia.
ALLEN & OVERY
In one of the largest mandates of 2015, Buckley’s team advised the co-ordinating committee of lenders on the restructuring of Stemcor. This significant multibillion-dollar workout saved thousands of jobs in more than 30 countries.
Having been involved in the insolvencies of the former Orion Insurance Company and the London and Overseas Insurance Company from the outset, Bannister and his team tackled the particularly complex workouts that otherwise wouldn’t have been concluded until 2035. Working with the scheme administrators, Hogan Lovells succeeded in getting a closure scheme approved by the High Court, involving more than $1.7bn in creditors’ claims.
Taylor advised on the liquidation of Murray Holdings, an Isle of Man company and wholly owned subsidiary of Kaupthing. The innovative scheme, which used a permanent stay order to exit the liquidation in the Isle of Man, ended a stalemate in negotiations and unlocked tens of millions in cash.
SIMMONS & SIMMONS
Richard Cook; Peter Manning
In negotiations that took three years, Simmons’ team acted for General Healthcare Group’s property arm, Theatre Group, on the restructuring of its £2bn debt. The length of the restructuring meant the property company had to continue in its duty as landlord to 35 private hospitals as negotiations were ongoing.
WHITE & CASE
Advised on the restructuring of Kaupthing, one of the biggest and most high-profile casualties of the Icelandic banking crisis and one of the largest corporate bankruptcies in the world. The team developed strategies for dealing with billions of dollars in assets and addressing creditors in more than 50 jurisdictions, developing a solution that involved a complex distribution of cash, notes and shares to provide optionality.