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Hello Newman: Milbank loses restructuring partner to Skadden’s relative City hiring spree

Skadden, Arps, Slate, Meagher & Flom continues to turn heads with its uncharacteristic hiring spree in London, this time in the form of Milbank restructuring partner Peter Newman.

A firm not famed for aggressive recruitment drives, the move is notable for being Skadden’s third London lateral recruit within the last six months, after it benefited from Allen & Overy’s failed US merger to add corporate partners Simon Toms and George Knighton last September.

Those hires were considered the biggest coup for Skadden’s European corporate practice since that of private equity partner Richard Youle from White & Case in 2017.

A Milbank ‘lifer’, Newman advises companies, creditors and stakeholders on cross-border restructurings, distressed acquisitions and financings. He will join Skadden’s corporate restructuring team.

Recent work highlights include advising new lenders to TORM A/S, the Danish shipping company on a $1.5bn restructuring and merger, the junior lender coordinating committee of General Healthcare Group on its £2.1bn restructuring and the lenders of Spanish clothing retailer Cortefiel on a €1.3bn restructuring.

Organic growth over the last year at Skadden’s Canary Wharf office has also seen M&A lawyer Denis Klimentchenko promoted to partner.

Scott Simpson, co-head of Skadden’s global transactions practice, said: ‘We continue to invest in the growth of our European platform through strategic hires. Peter’s experience in financial restructuring, with a particular focus on advising funds on their distressed investments, will deepen our bench in this important area and enhance the service we provide to our clients.’