Our recent highlights
Advising creditors on cross-border and complex restructurings
- Sunac China: advising an ad hoc group of investors holding more than 30% of Sunac China’s offshore debt of over US$10bn on a debt restructuring agreement.
- Cell C Limited: advising the secured creditors on the restructuring of approximately ZAR7.3bn of debt for Cell C Limited.
- Nordic Aviation Capital: advising an ad hoc committee of lenders on the US$6bn restructuring of the aircraft leasing company implemented via a Chapter 11 process.
- The LYCRA Company: advising a committee of funds under the US$400m facilities on the successful implementation of a highly unique cross-border enforcement and restructuring transaction, and subsequently advising on the refinancing of the ssRCF and senior secured notes.
- Comdata: advising an ad hoc committee of funds, CLOs and banks in connection with the financial and corporate restructuring of Comdata.
- Condor: advising KfW on a Covid-19 related DIP-financing in the amount of up to €550m provided to Condor in the form of a state aid measure backed by the Federal Republic of Germany.
Advising debtors on cross-border and complex restructurings
- Steinhoff:
- acting for Steinhoff on its global settlement of substantial contingent liabilities that arose from accounting irregularities first announced by Steinhoff in December 2017.
- the financial restructuring involved the consolidation and restatement of over €10bn of multi facility (bank and bond debt) indebtedness restated on common terms.
- the restructuring was implemented through “cram-down” processes in various jurisdictions, including one of the largest suspension of payments proceedings in Dutch history.
- a full analysis of any potential Dutch scheme process part of the scope, including WHOA implementation options/constraints.
- Genting Hong Kong Limited: advising on its successful multi-stakeholder restructuring of US$3.5bn of financial indebtedness and its US$1bn recapitalisation.
- A Dubai real estate developer: advising the company on its multi-billion-dollar reorganisation and debt restructuring.
- Naviera Armas: advising on the balance sheet restructuring of the Mediterranean ferry group, which also involved the restructuring of high-yield bonds as part of a debt for equity swap using a Spanish homologación and a private placement to existing shareholders.
- Haya Real Estate: advising on its successful recapitalisation including a debt for equity swap utilising an English scheme of arrangement and Spanish homologación.
- Pronovias: advising BC Partners on the execution of a Framework Implementation Agreement in connection with the restructuring of the Spanish headquartered group, Pronovias.
Advising on bank resolution or insolvency recapitalisations and NPLs
- Lehman Brothers: advising PwC as joint administrators of Lehman Brothers International (Europe) on the multi-jurisdictional insolvency of Lehman Brothers.
- African Bank Limited: assisting the South African Reserve Bank with the public/private resolution proposal and “good bank/bad bank” split for the rescue of African Bank Limited and subsequently acting for the Curator (Tom Winterboer) on the liability management and consent solicitation in respect of the ZAR and foreign note programmes.
- Beaufort Securities Limited and Beaufort Asset Clearing Services Limited: advising PwC as joint administrators in relation to the special administration of these companies.
- IBRC: advising KPMG as special liquidators of the Irish Bank Resolution Corporation Limited (in special liquidation) including in respect of the bank’s English operations.
Advising on insolvencies including trading insolvencies and business rescues
- Bulb Energy: advising the energy administrators of Bulb Energy in the first ever use of the energy supply company administration regime and the sale of Bulb Energy’s business to Octopus Energy Group.
- Studio Retail Group: advising Senior MDs of Teneo as joint administrators on the pre-pack sale of Studio Retail Limited and related assets.
- Intu Properties: advising Interpath Advisory as the joint administrators of intu Properties plc and certain subsidiaries on the insolvency of this shopping centre and property management group.
- Global Brands Group: advising the senior creditors in relation to its restructuring and subsequent insolvency.
Our News
Linklaters advises Morgan Stanley Infrastructure Partners on the equity injection and debt extension of Tele Columbus AG
20 مارس 2024
Linklaters have advised Morgan Stanley Infrastructure Partners (MSIP) in its capacity as majority shareholder of Tele Columbus AG (the Company) in relation to the financial restructuring of the Company’s senior debt due 2025. The Company is one of the leading operators of fibre networks in Germany.
Linklaters advises the Naviera Armas Group on its comprehensive restructuring
18 يناير 2024
Linklaters has advised the Naviera Armas Group on its recent financial and capital restructuring. The restructuring was implemented using the novel Spanish Restructuring Plan and was one of the first transactions to be implemented using this new legal framework. The transaction resulted in a significant de-leveraging of the Group’s balance sheet and a material decrease in the Group’s annual debt servicing costs.
Linklaters advises China Aoyuan Group on the sanction of schemes of arrangement
15 يناير 2024
Linklaters has acted as international lead counsel for China Aoyuan Group Limited’s restructuring of its offshore debt liabilities. The China Aoyuan Group Limited (Aoyuan) is a leading commercial and residential property developer which focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and covers four major regions in the PRC.
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Awards and Rankings
UK
- Band 1 for Restructuring and Insolvency
Chambers UK 2024 - Tier 1 for Corporate Restructuring & Insolvency
Legal 500 UK 2024
EMEA
- Band 1 for Restructuring & Insolvency
Chambers Europe 2024
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Band 1 for Restructuring & Insolvency
Chambers Portugal 2023 -
Band 1 for Restructuring & Insolvency: Restructuring
Chambers Spain 2023 -
Band 2 for Restructuring & Insolvency
Chambers Italy 2023 -
Band 2 for Restructuring & Insolvency
Chambers United Arab Emirates 2024
Asia
- Band 2 for Restructuring & Insolvency (International Firms)
Chambers China 2024
Global
- Band 2 for Restructuring &Insolvency
Chambers Global 2024
Quotes
- "The Linklaters restructuring team are exceptionally experienced and capable of managing sophisticated situations to a conclusion, often over a long period of time and in difficult conditions."
Chambers Global 2023 - “Very capable on the corporate side, given access to a market leading, full service Magic Circle practice and global footprint. Excellent customer service & responsiveness. Can manage the largest restructurings and insolvencies – one of the best for the largest cases.”
Legal 500 UK 2024
Key Contacts
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Explore our key Banking services
Asset Finance
The multi-disciplinary approach and global reach of Linklaters' Asset Finance practice offer major asset finance industry participants a critical competitive advantage.
Corporate and Structured Lending
Linklaters has a broad banking practice at the top of the market with leading relationships with all major banks and corporates in the syndicated loan market.
Financial Structuring - Prudential Regulation
Advising global banks and other financial institutions on financial structuring transactions, including providing prudential regulatory expertise.
High Yield
Linklater’s high yield group is fully integrated into the firm’s banking and private equity practices and comprises highly regarded lawyers with leading high yield and restructuring expertise.
Margin Lending
We have acted on nearly every high profile European margin loan in the last five years and we are the pre-eminent creditor-facing margin lending team in Europe.
Real Estate Finance
Linklaters' global real estate finance team combines the experience of the firm's pre-eminent finance, real estate and tax practices.
Restructuring and Insolvency
Linklaters' global restructuring and insolvency lawyers handle the world's most challenging and significant domestic and cross-border assignments.
Trade Finance
Trade finance transactions demand a combination of legal expertise and commercial awareness across a wide range of demanding jurisdictions.
Banking Litigation
Banking litigation lawyers at Linklaters have advised leading investment banks and other financial institutions on some of largest and most complex recent financial disputes.
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Asset Finance
Asset Finance
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Corporate and Structured Lending
Corporate and Structured Lending
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Financial Structuring
Financial Structuring
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Fund Finance
Fund Finance
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High Yield
High Yield
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Margin Lending
Margin Lending
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Real Estate Finance
Real Estate Finance
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Restructuring and Insolvency
Restructuring and Insolvency
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Trade Finance
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Banking Litigation
Banking Litigation