With HMV, Jessops and Blockbuster all entering into administration in the first few weeks of 2013, leading City firms have scored significant instructions.
Linklaters is involved in the administration of HMV, with restructuring and insolvency partners Richard Hodgson and Richard Bussell taking the lead. Linklaters had also been advising the lenders, The Royal Bank of Scotland and Lloyds Banking Group, to HMV Group since the beginning of 2011 and banking partner Chris Howard continues to advise the lenders.
Morrison & Foerster is acting for HMV’s supplier creditors, which include Warner Music, Paramount Home Entertainment, Cinram, arvato, Channel 4 and ITV, as well as Sony. Litigation partner Jonathan Wheeler is leading the team that was called on after HMV filed for administration.
Ashurst is advising Jessops in its administration, with a team headed by corporate partner Giles Boothman, while SNR Denton is acting for PwC and Jessops’ part-owner HSBC, with restructuring and disputes partner Rachel Anthony taking the lead. Jessops had been in trouble for some time and was delisted from the London Stock Exchange in 2010.
CMS advised on the administration of Blockbuster, announced in January, with a team led by restructuring partner and head of banking and finance Rita Lowe. In the US, Linklaters is advising Blockbuster’s parent company, DISH Network, which acquired Blockbuster in 2011.