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Credit and Special Situations

We deliver opportunistic, distressed and event-driven transactions effectively and with the minimum of fuss, no matter how they might change course

Our team of special situations lawyers advise the full spectrum of financial sponsors who provide private financing and other capital solutions spanning the debt and equity spectrum to companies that, for a variety of reasons, are unable to access more traditional sources of financing and investment. 

We draw upon the experience, knowhow and insight of market-leading individuals and teams across all key disciplines, sectors and geographies, having the shared goal of supporting financial sponsor clients who deploy capital in opportunistic, distressed and/or event-driven situations. 

Our sophisticated understanding of the markets in which our clients operate and the challenges they regularly face, together with our collaborative and client-focussed culture, enables us to deliver innovative structures for the deployment of capital in ways which protect against downside risk but maximise the opportunity for upside returns.

We regularly work with clients through the lifecycle of their investment to help unlock that upside potential (including the implementation of incentive arrangements, new governance structures and divestment strategies) and generate returns through refinancing transactions, disposals or consensual or non-consensual restructuring processes. 

Notable deals

Strategic Value Partners:

Advising on various transactions, including:

  • on the acquisition and related financing of Eggborough Power Station.
  • on the refinancing and subsequent sale of Linpac to Klockner Pentaplast. 
  • on the acquisition of Dolphin Drilling and subsequent equity and debt financing arrangements.

Och-Ziff (now Sculptor):

Advising on a bridge loan made as part of a comprehensive corporate restructuring solution for a Benelux manufacturer.

PIMCO:

Advising on its investments in convertible preference share structures in Qualco and Finance Ireland.

A global hedge fund:

Advising on a bespoke "back-leverage" arrangements provided by a top-tier investment bank.

TPG Special Situations Partners:

Advising on the acquisition of Raissa fund property portfolio.

The ad hoc committee of senior lenders:

Advising on the restructuring of the Pelican Rouge group and its subsequent sale to Selecta.

M&G credit funds:

Advising on their £800m disposal of Alliance Medical to Life Healthcare.

King Street, Blackstone Real Estate Debt Strategies, M&G, LaSalle Investment Management, Tyndaris, PIMCO, Apollo and Cerberus:

Advising on various direct lending real estate finance transactions, including senior, stretch senior, mezzanine, distressed, special situations and NPL financings.

The Sellers (including Strategic Value Partners):

Advising on the c. £1.6bn sale of Cory Riverside Energy to a consortium led by Dalmore Capital.

DK Partners:

Advising on the work-out of Project Castle, a portfolio of loans from Bankia backed by hotels in Spain.

Apollo:

Advising on the acquisition of a REOs portfolio from Banco Santander.

Cerberus:

Advising on several NPL and real estate portfolio acquisitions and acquisition financings from Portuguese banks totalling €1.4bn GBV.

KKR:

Advising on the potential acquisition of a NPL portfolio from a Portuguese bank.

Davidson Kempner:

Advising on the acquisition of a EUR 239m (GBV) portfolio comprising two tranches of non-performing loans secured and unsecured originated by Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A.

Insights and Thought Leadership reports

Covid 19 Financing Fund Portfolio Investments Through the Crisis

Financial sponsors have been focussing significant time, efforts and resources supporting their portfolio investments through the COVID-19 crisis. This briefing note considers some of the options available to sponsors to provide cash injections into portfolio companies in need of funding, both in the short term and the longer term.

Read more Covid 19 Financing Fund Portfolio Investments Through the Crisis

Liquidity options under European cov-lite facilities

In covenant-lite transactions, the absence of ongoing financial maintenance covenants, which have traditionally operated as the trigger for a debt restructuring, means that it is the lack of sufficient liquidity which will instead be one of the more likely factors leading to the commencement of a restructuring process.

Read more Liquidity options under European cov-lite facilities

Debt buy-backs of European leveraged loans

The European leveraged loan market has, as a whole, been affected by the economic consequences of recent government decisions and central bank action. As a result, the trading price of several leveraged loan names has fallen, in some cases, significantly below par. 

Read more Debt buy-backs of European leveraged loans

Related Client Services

Private Equity

The team’s experience includes advising on transactions across the major jurisdictions of Western Europe, Central and Eastern Europe, the Americas, the Middle East and Asia. Private equity houses, investors, funds, banks and financial institutions rely on Linklaters’ market leading global experts. Our private equity lawyers advise clients at all stages, from establishing the fund and making investments, to ongoing portfolio assistance including restructuring advice, to exiting from those investments.

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Banking

Linklaters specialises in advising the world’s leading companies, financial institutions and governments on their most challenging finance transactions and assignments. Members of our bank sector team work together to anticipate the legal support required by clients based on their strategy, position in the market and individual business models. We advise banks and other major financial institutions around the world on their most significant transactions, with unrivalled insight into the issues they encounter both in normal markets and in the face of today’s economic conditions and regulatory changes.

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Related Client Services

Restructuring and Insolvency

We are a renowned firm for complex off-court restructuring and financing transaction, having worked on many of the most significant distressed debt, distressed M&A and restricting and insolvency transactions on a global scale. Linklaters actively supports lenders, creditors and debtors on prominent restructurings, proving popular with multinational companies, investment funds and banks.

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Investment Funds

Our investment funds group, unlike many of our competitors, maintains dedicated funds specialists in our global regulatory, tax, employment and pensions teams. This full service offering means that we are able to advise on the structuring, formation, taxation and regulation of alternative investment funds to provide commercial and practical solutions to our clients.

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Awards and Rankings

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