Restructuring and Insolvency
Our International Capability
Our Restructuring and Insolvency Group comprises dedicated lawyers in the
UK, France, Germany and Spain, together with finance, corporate, real estate,
tax, pensions, employment and litigation lawyers specialising in restructuring
and insolvency law.
All our offices embrace the sector expertise of our real estate, retail & leisure, telecoms, technology, life sciences and media
practice groups. Our cross practice approach allows us to provide in depth commercial insight to clients seeking financial
and operational restructuring advice. Our clients are quick to notice our business acumen, rapid turnaround and absolute
commitment to their business.
Our Real Estate Special Situations Group is a market leading team in large, high profile commercial real estate restructuring.
We are a leader in pensions restructuring, having set up the first dedicated pensions restructuring practice, our Pensions
Restructuring Special Situations Group (“PReSS”). We are also one of the very rare experts in the specialist area of
restructuring NHS and Foundation Trusts Hospitals.
We advise institutional lenders and borrowers, corporates, insolvency practitioners and other stakeholders on a broad range
of restructuring and insolvency matters including large complex pan-European restructurings, solvent reconstructions,
distressed debt trading, insolvency sales and acquisitions, employment rights and TUPE transfer analysis, pension
clearance, landlord and tenant contingency planning, antecedent transactions and misfeasance claims together with general
(contentious and non-contentious) insolvency issues.
Our lawyers are at the forefront of the latest developments in their fields, often being involved in high profile cases of media
interest. Some examples of our work are set out below, although often our involvement in the most topical cases must for
reasons of sensitivity remain confidential.
Sapphire F&C REIT Asset Management Clients of Delancey Real Estate
Advised the senior lenders and Acted for clients of F&C REIT Asset
subsequently the administrators (Grant Management on the acquisition of Advice on the acquisition of an interest
Thornton LLP) on the restructuring, approximately 220 properties from in the limited partnership owning
enforcement and sale of over £200 the administrators and administrative the Castlepoint Shopping Centre in
million loans secured on the Sapphire receivers of the Dawnay Day group for Bournemouth, and on the acquisition of
Retail Fund portfolio of shopping centres over £600 million. 40 Holborn Viaduct, London.
in the UK.
Capital & Regional Plc Debt Purchase Project Summer/Sunbed
Advised on the restructuring of Capital Acted for an SPV deep discount buyer Advised a £150 million property
& Regional Plc’s core banking facilities of a junior tranche of a £98 million facility portfolio group with professional
(totalling over £175 million). These were relating to a property portfolio. securities market listed debt on a
business critical transactions because restructuring with its bondholders.
they had to be completed before a rights
issue could take place.
Nozar Cosmani Estudio 5
Joint Judicial Administrator of Spanish real Joint Judicial Administrator of Spanish Joint Judicial Administrator of a major
estate investment company with debts of real estate company. Provided Spanish real estate company. Provided
€700 million. restructuring advice to the company restructuring advice to the company with
with debts of €700 million. debts of €500 million.
Real Estate Company Kaupthing Bank HF Minerva Plc
Provided restructuring advice to a Advised the Bank in respect of the former Advised Minerva plc on refinancing
Spanish real estate company with debts Middlesex Hospital development site, the loan facilities in excess of £750 million
of €150 million. biggest single mixed use development site including in respect of two City of London
in the West End of London. office developments at The Walbrook and
A Danish bank City of London Office Development LBB Landesbank Berlin AG
Advised a Danish bank on the enforcement Represented a German specialist real estate Advised the Bank on the repositioning
of its security interests in the insolvency lender in connection with the restructuring of a large inner-city building complex
of a German developer of residential of a £117 million facility to finance an office financed by the bank following the
properties including the rebuttal of the development in the City of London, including insolvency of the borrowers.
alleged subordination of the bank’s debt. the documentation of the restructuring (both
in London and at is German headquarters)
during all its credit approval stages.
Real Estate (cont..)
Crest Nicholson and McCarthy & Stone Invista and Propinvest Celsius Portfolio Scottish distribution site
Advised sub-groups of lenders to both Advised Kaupthing Bank hf on Advised the business support unit of a
Crest Nicholson and McCarthy & Stone restructuring its €142 million debt facility UK clearing bank in its capacity as lender
in connection with their schemes of to Invista and Propinvest’s Celsius in connection with the restructuring of a
arrangement. portfolio of French properties. £54.25 million facility for the acquisition
and development of an industrial and
This involved supporting banks in connection distribution site in Scotland.
with the complex aspects involved in the UK
driven restructuring process.
Retail & Leisure
Project Cascade Hull Senior lender/agent
Advised the security trustee on the Advised the Hull City Association Advised the business support unit of
restructuring of £355 million facilities to a Football Club (Tigers) Limited on its a UK bank in its capacity as senior
specialist fund with a portfolio of over 25 financial restructuring and sale to lender/agent in connection with its
hotels across the UK, including advice on Allamhouse Limited. restructuring of a £75 million facility to
a debt/equity swap and restructuring of a vehicle investing in landmark hotels in
management and operations. the UK and providing enforcement and
insolvency procedures advice.
BBC Worldwide Toshiba and Fujitsu A global film distributor
Acted for BBC Worldwide in relation to the Advised Toshiba and Fujitsu on their Advised a film distributor in relation
2entertain dispute with the administrators rights in respect of patents and licenses to the insolvency of its German DVD
of Woolworths Media plc including the in connection with the insolvency of a manufacturer, complicated by the
precedent setting action in the Court of large German semi-conductor producer challenging structure of the DVD
Appeal on the anti-deprivation principle. Qimonda. manufacturers’ group, which included
numerous insolvent entities.
Better Capital LLP CBS Corp., Paramount Pictures Corp., Powercorp International Limited
Dreamworks, MTV Networks
Advised Better Capital LLP in relation to Acted for Powercorp, the largest TV
the purchase of the business and assets of Advised in relation to the insolvency of the production company in Europe, in
Reader’s Digest Association and Reader’s KirchMedia Group, the largest post-war relation to its debt restructuring and sale
Digest Financial Services for £13 million. insolvency in Germany. We represented of the business.
The deal helped to secure the future of the a number of US clients to safeguard their
business which went into administration in assets and interests in the KirchMedia
February 2010 as a result of significant UK estate, including the negotiation settlements.
A UK Plc Orchard Care Homes Milton Keynes NHS FT
Acted for a borrower in the natural Advised a group of funds (£25 million Advised a £155 million turnover, 2,500
consumer healthcare sector on the unsecured mezzanine loan note holders) employee, NHS Foundation Trust
implementation of a scheme of arrangement in relation to this 3,000 bed care in relation to its financial difficulties,
which involved the de-listing of the parent management group through a debt for including directors’ duties and cash
company as well as substitution of new equity swap effected through a company collateral working capital facilities.
listed holding company, the amendment and voluntary arrangement (CVA) with landlord
restatement of existing asset-based lending future rentals haircut since emulated in
facilities and the restructuring of the group. JJB Sports and others.
Heatherwood & Wexham Park NHS FT
Advised a £285 million turnover, 3,000
employee, NHS Foundation Trust
Hospital in relation to its financial
difficulties generally, including directors’
duties, governance, Foundation Trust
Financing Facilities (FTFF) and
“protected property” issues.
Kaupthing Bank hf Top 10 Hedge Fund Manager The Pearl Group
Advised the Bank on the legal aspects of Advised one of the world’s largest Acted for Liberty (quoted on Euronext) in its
closing out and settling their derivatives hedge fund managers on its investment acquisition of The Pearl Group of insurance
portfolio, including negotiations with over into a complex joint venture structure companies and the financial restructuring
100 of the Bank’s international financial involving the complete restructuring of of the target. This was a very complex
institution counterparties (including the joint venture and the retranching financial restructuring and involved detailed
most of the major names in investment of the existing debt including a partial analysis and input into a post-acquisition
banking) and litigation in cases which refinancing and a partial waiver of debt. restructuring process involving, amongst
have not proved capable of settlement. other things, complex debt/equity swap and
debt conversion issues.
Lehmans Kaupthing Bank hf Distressed trade
Acted for a number of clients in closing out Advised the Bank on an asset swap Advised a bank as seller on a distressed
their derivatives and recovering their assets agreement involving a complex trade selling a junior tranche of £37 million
following the insolvency of Lehmans. arrangement undoing a loan asset of a £535 million loan on LMA terms.
participation agreement in respect of a
portfolio of UK and Icelandic loans.
General Restructuring & Insolvency
Pre-packaged administration sale of Kaupthing Bank hf Project Gear
DKLL Solicitors Advised the Bank on the restructuring Advised Hilco in relation to its proposed
Advised the administrators, BDO LLP, of Huurre Group Oy, North Europe’s acquisition of a division of an 8,000
and the firm of solicitors on the first court leading commercial refrigeration company, employee logistics provider with a £1
approved sale of the business and assets including a debt for equity swap. billion turnover and more than 200 sites.
of a law firm.
Composite Technology Corporation OP Systèmes Structured finance
Advised a United States listed global Advised a clean tech company based in Advised a French pharmaceutical
group and producer of wind turbines, the South-West of France and operating company, as creditor of Lehman
energy efficient and other renewable in France and in Italy, on a corporate Brothers Treasury BV, as issuer, and
energy products in relation to its European and debt restructuring involving a pool of Lehman Brothers inc., as guarantor,
reorganisation and Court of Appeal victory commercial banks and TOTAL, one of its in the Dutch and the US bankruptcy
in leading European decision on cross main clients, with injection of €15 million proceedings of these companies, in
border jurisdiction. additional financing. relation to a €20 million investment in
Lehman structured bonds.
New Star Venture Photography Group Bibby v Magson
Advised New Star Asset Management on Advised European, US and Asian Successfully defended a director in a major
a financial restructuring with its lending international photography group in High Court dispute on guarantee/warranty
syndicate and on the £115 million public relation to its financial turnaround post claims resulting in a leading decision as to
offer for it announced by Henderson administration generally, including the delivery of deeds.
Group plc on 30 January 2009. improvements in its franchise security,
recovery and franchisee issues.
Quangos Finnish pet food group
Advised a well known non-departmental Advised Kaupthing Bank hf in relation to
government body and charity in a multi-jurisdictional group headquartered
relation to the duties and liabilities of in Finland in connection with a complex
its members, trustees and directors restructuring which involved the lender
arising from its funding uncertainty and acquiring full ownership of the group.
Alicia Videon Séamas Gray Julian Turner
Partner, Head of Restructuring Partner, Restructuring & Insolvency Partner, Restructuring & Insolvency
& Insolvency +44 (0) 20 7067 3212 +44 (0) 20 7067 3552
+44 (0) 20 7067 3640 firstname.lastname@example.org email@example.com
Eleni Skordaki Jonathan Lewis David Farmer
Partner, Finance Partner, Real Estate Partner, Corporate Pensions
+44 (0)20 7067 3422 +44 (0)20 7067 3577 +44 (0)20 7067 3013
firstname.lastname@example.org email@example.com firstname.lastname@example.org
David Roberts Jeremy Mash James Kennard
Partner, Corporate Partner, Commercial Litigation Senior Associate, Restructuring
+44 (0) 20 7067 3537 +44 (0)20 7067 3270 & Insolvency
email@example.com firstname.lastname@example.org +44 (0)20 7067 3434
Claudia Hard Dr. Viola Bensinger Gordon Geiser
Partner, Finance Partner, Commercial Media, Senior Associate
+49 30 700171 ext. 128 Communications & Technology +49 (0) 30 700 171 168
email@example.com +49 30 700171 150 firstname.lastname@example.org
Dr José Maria Sanchez Cristina Jiménez Savurido Javier Vasserot
Partner, Finance Of Counsel, Restructuring Partner, Corporate
+34 91-187 1923 & Insolvency +34 91-187 1921
email@example.com +34 91-187 1958 firstname.lastname@example.org
Stéphan Alamowitch Vanina Paolaggi
Partner, Finance Partner, Finance
+33 1 70 91 87 21 +33 1 70 91 87 24
Legal 500 2011/2012
Comment: Olswang’s advice is “very practical, and always focused on the client’s
business, needs and goals”. The firm “provides a high level of service, with deals being
led by commercially minded partners”.
Chambers & Partners 2011/2012
Comment: Sources praise this team for combining a robust approach
with excellent technical ability. It has been appointed to the NAMA and
Nationwide Building Society panels, and recently acted for the Kaupthing
Key individuals: Sources say Alicia Videon strikes “the right balance between subtlety
Chambers & Partners 2009
Comment: This “exceptionally responsive outfit” has a small but popular insolvency
team that is admired for being “user-friendly and sympathetic to the needs and desires
of its clients”. The team recently advised on the first judicial consideration by
the High Court of a pre-pack administration business sale and has received
significant instructions from clients such as Universal Pictures International
Entertainment, ITV and Timberland (UK) in relation to transactional structuring
and counterparty insolvency. Lawyers here are “very well informed and familiar with
the existing structures and complexities of deals”.
Real Estate Finance
Legal 500 2010/2011
Comment: The firm has very strong links with key lenders (predominantly
German banks such as Westdeutsche ImmobilienBank), and it advised Eurohypo
as agent, arranger and underwriter of a seven-year facility to Legal & General
UK Property Income Fund. On the investor side, the team advised Heron
International on its joint venture with a fund advised by AREA Property Partners.
Key individuals: Olswang’s Eleni Skordaki has an “affable personality which
encourages a swifter, more consensual documentation process”.
Chambers & Partners 2010/2011
Comment: Commentators are impressed with the quality of Olswang’s offering
in the real estate finance sector, highlighting the solicitors’ sensible and diligent
approach. The team’s deep understanding of the commercial property market
enables it to provide accurate advice at short notice to high-calibre clients such
as Deutsche Pfandbriefbank, Nationwide Building Society and Tottenham
Hotspur FC. It is open to innovative structures, and recently advised Eurohypo
on its provision of a seven-year facility to Legal & General UK Property Income
Fund, which included a number of novel structures designed to increase
flexibility and effectiveness.
Clients describe the team as “Commercial, both in attitude and from a fee perspective.
They are flexible and innovative in their structuring”.
Key individuals: Eleni Skordaki is a well-established and experienced
practitioner with a reputation for getting the job done. Clients enjoy working
with her, as she is “very straightforward and open to sensible dialogue, comment and
concerns, and she responds very positively”.
Law is what we do.
CR is who we are
Olswang is committed to being a responsible business and has developed
Corporate Responsibility programmes that allow us to actively manage the
social and economical impact of the Firm’s activities. For example, through
our Green initiative we recycle almost 90% of our waste and on the 1 May
2009 Olswang achieved CarbonNeutral® accreditation. As part of our
Corporate Responsibility strategy we also encourage every member of staff
to engage in lasting and meaningful pro bono and volunteering activities,
both legal and non legal.
Olswang is a leading business law firm with a distinctive approach. Our
pioneering and problem-solving ethos has established a commanding
reputation in the technology, media and real estate sectors, as well as a wide
range of other industries.
Founded in 1981, our Firm has grown to a team of over 650, including more than 100 partners, across six European offices.
In addition, Olswang has a long-established best friends’ network of leading independent law firms throughout the world.
Resourceful drive and a climate of shared knowledge and empowerment are the hallmarks of our meritocratic, unstuffy
culture. Our strong management team is dedicated to the personal and professional development of our people.
We recruit personalities with a genuine fascination and notable reputation in the sectors they focus on, which is reflected in
the quality of our advice. We also understand the importance of achieving our clients’ goals and ensure that our advice is,
above all else, practical.
From world-class businesses to entrepreneurial start-ups, the rich diversity of our client base ensures a broader perspective
and, as a result, deeper commercial insight. Transactional work is the most obvious feature of the role we perform. However,
ongoing non-transactional support is an integral part of our business, and we focus on creating long-term relationships with
our clients. We employ a range of proactive initiatives such as client care programmes, secondments, client training and
feedback sessions to ensure our client relationships are strong.
At Olswang the passion of our lawyers, the confidence of our approach and the commercial edge to our advice provide a
unique and compelling service.
Berlin +49 (0) 30 700 171 100
Brussels +32 2 647 4772
London +44 (0) 20 7067 3000
Madrid +34 91 187 1920
Munich +49 89 203 031 300
Paris +33 1 70 91 87 20
Singapore +65 31 58 25 88
Thames Valley +44 (0) 20 7067 3000 www.olswang.com