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
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.
Linklaters has advised the shareholders and certain creditors of the LYCRA Company (LYCRA) on the comprehensive refinancing of LYCRA’s 2023 maturing debt. LYCRA is a major global manufacturer of textile, fibre and technology solutions for apparel.
Linklaters has advised a syndicate of banks and funds in connection with the financial restructuring of the 299MW Tees Renewable Energy Plant, the world’s largest pellet biomass power plant. The power plant is located at Teesside, UK and is operated by MGT Teesside Limited (the “Company”), itself controlled by Macquarie Group and Danish pension group PKA.
"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