The Legal Business Awards > Categories > Restructuring Team of the Year

At a glance

2018 Winner

  • CMS Cameron McKenna Nabarro Olswang

2018 Highly Recommended

  • Orrick, Herrington & Sutcliffe - HIGHLY COMMENDED | Stephen Phillips
  • Clifford Chance | Philip Hertz
  • Paul Hastings | David Ereira
  • Shearman & Sterling | Marwa Elborai, Mei Lian
  • Sullivan & Cromwell | Christopher Howard
  • Weil, Gotshal & Manges | Mark Lawford, Adam Plainer

Previous Years

Select a year below to download a .pdf of the previous winners and nominees.

Restructuring Team of the Year

This award recognises teams that have played a critical role on the most complex restructuring mandates of the year. In choosing the winners in this category, judges will be looking for clear examples of innovation and where the lawyers have achieved crucial outcomes for their clients.

2018 Winner

CMS Cameron McKenna Nabarro Olswang

Glen Flannery

Acted for Hoover on its high-profile restructuring using the novel route of a ‘regulated apportionment arrangement’, which ultimately released Hoover from a £500m pension scheme liability, secured the ongoing employment of its workforce, and provided 7,500 pension scheme members with access to the Pension Protection Fund.

Highly Recommended

Orrick, Herrington & Sutcliffe - HIGHLY COMMENDED


Stephen Phillips

Orrick advised the offshore drilling company Ocean Rig UDW, which was on the brink of collapse, on the restructuring of $3.7bn of debt. The firm decided to eschew a Chapter 11 filing in favour of four separate Cayman Islands schemes of arrangement and a Chapter 15 filing.

Clifford Chance


Philip Hertz

Advised the Co-operative Bank on all aspects of its restructuring, which included a £456m debt-for-equity swap, and a new share subscription to raise £250m. It was further complicated by the presence of several thousand retail note holders who had to be brought into the restructuring.

Paul Hastings


David Ereira

Advising the ad hoc committee of tier-two bondholders on the successful recapitalisation of the Co-operative Bank. The noteholders have
since become the bank’s majority owners following months of negotiations, political and press scrutiny, and numerous regulatory hurdles.

Shearman & Sterling


Marwa Elborai, Mei Lian

Acted for Frigoglass, one of Greece’s largest companies, on its capital restructuring, including the restructuring of its New York-law governed high yield notes through a scheme of arrangement. The company’s debt was widely spread and the company’s bondholders were dispersed, with only 32% represented on the ad hoc committee.

Sullivan & Cromwell


Christopher Howard

Sullivan & Cromwell played a key role on one of 2017’s largest restructurings through its advice to the co-ordinating committee of bank creditors on the restructuring of Abengoa. The firm ultimately advised on a €20bn restructuring deal using an interconnected UK CVA, a US Chapter 11, and a Homologación in Spain.

Weil, Gotshal & Manges


Mark Lawford, Adam Plainer

Weil advised Lehman Brothers Holding Inc (LBHI) on its substantial Supreme Court victory in Waterfall 1, and the subsequent innovative UK group settlement releasing nearly £1.4bn to creditors. The judgment overturned the two lower courts on a number of important points and represented a substantial victory for LBHI after years of litigation.