Restructuring and Special Situations

Not every journey is predictable – businesses are always faced with challenges, including adverse movements in availability of liquidity, regulatory upheaval, depressed investor sentiment and other unwanted surprises.

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These factors can force owners, issuers, borrowers, boards and creditors to re-evaluate their positions. Early restructuring solutions can help avoid financial crisis further down the line, and a strong contingency plan to fall back on will provide protection for a business if a consensual solution isn't possible.

Today’s cross-border business restructuring and special situations work calls for lawyers skilled in providing bold and commercial solutions. They also need sharp technical skills to be able to guide clients through the complexities of this market. We have those skills.

Our involvement can range from supporting business in early phases with liabilities management programs, upsizings, and refinancings, and most situations if caught early can be remedied at that point. We also have the capability however to support more material adjustments to capital structures, and operational restructurings, and using in or out of court processes where needed to deliver a desired deal.

Our restructuring and special situations lawyers advise all stakeholders in restructuring cases. Through our global platform, we advise creditors, multinational companies, and insolvency administrators. We also advise pension trustees, governmental and quasi-governmental bodies, and stressed financial institutions. The breadth of our client base is unrivalled amongst our peers, and our firsthand experience with such a range of stakeholders allows us to bring unique perspectives to new situations.

We offer exceptional geographic reach, supporting businesses across the global with our significant network, but also being able to field dedicated specialist teams in the key global financing hubs of New York, London and Hong Kong, in addition to other key jurisdictions across Europe and Asia.

Every matter requires the right team. At Hogan Lovells, we build the team to meet your needs. Where necessary, we draw on lawyers from other practice areas including capital markets, litigation, real estate, employment, intellectual property, tax, and pensions to add to the core restructuring team. One team, able to advise on all the challenges the transaction might present.

Key contacts

Tom Astle

Partner

Tom Astle

Partner

London

Philippe Druon

Partner

Philippe Druon

Partner

Paris

Jonathan Leitch

Partner

Jonathan Leitch

Partner

Hong Kong

Christopher R. Donoho III

Partner

Christopher R. Donoho III

Partner

New York

Ronald J. Silverman

Partner

Ronald J. Silverman

Partner

New York

Meet the Restructuring and Special Situations team

Representative experience

3F Holding on a restructuring offer for Casino Guichard Perrachon, involving a new money injection of EUR 900 million and a debt to equity swap of circa EUR 3 billion.

A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG - advising with respect to the financial restructuring of the group and negotiating a bridge financing.

Acted as Debtor’s counsel in Chapter 11 and insurance rehabilitation processes for monoline insurer Ambac Financial and Ambac Assurance.

Acted as lead transaction counsel and advisor to the ad hoc committee of Noteholders in the successful, landmark US$1bn restructuring of Mriya Ago, the Ukrainian agricultural conglomerate.

Acting as debtor’s counsel for Ambac Financial Group, Inc. in successful case under chapter 11 of the Bankruptcy Code, which preserved US$5bn of net operating losses and resolved 800 million in IRS claims.

Acting for Bank of China Private Equity in relation to debt restructuring and Cayman and Hong Kong schemes of arrangement for LDK Solar.

Advised AccorInvest, a leading hotel group operating nearly 900 hotels under the Sofitel, Novotel, Ibis, F1, Pullman and Mercure brand, with over 25,000 employees, on its financial restructuring.

Advised All American Oil and Gas Inc. in its Chapter 11 bankruptcy filing, currently pending in the Bankruptcy Court for the Western District of Texas.

Advised Ambac Financial Group in its successful case under Chapter 11 of the Bankruptcy Code, which preserved US$5bn of net operating losses and resolved US$800m in IRS claims.

Advised Apeiron Management and Apollo Global Management in the purchase of a portfolio of claims owned by Grandi Lavori Fincosit for a value of over €1.3bn.

Advised EIB as the largest single creditor of automotive supplier Benteler. Including the refinancing of its existing €1.8bn debt and a further loan commitment of €225m.

Advised the BOURBON Group, leader in the offshore marine services market, on the restructuring of €3bn in equity and debts.

Advised the Republic of Ecuador on the restructuring of over US$19bn of Ecuador's debt necessitated by the crippling effects of the coronavirus outbreak and historically low oil prices.

Advised the senior noteholder ad hoc committee on DIP financing and restructuring of Agrokor, Croatia’s largest food producer/retailer, through new special administration law.

Advising Banco Bredesco and Banco Votorantim, two of Latin America’s major banks, in concurso mercantil insolvency proceedings of one of Mexico’s largest real estate developers.

Advising Bank of New York Mellon in the restructuring of international geosciences services provider CGG, one of the largest French restructurings in history.

Advising Bank of New York Mellon on its bond trustee and security trustee role in the early redemption and refinancing of Reliance Rail's AU$2.2bn debt.

Advising Bank of New York Mellon on its bond trustee and security trustee role in the early redemption and refinancing of Reliance Rail's A$2.2bn debt.

General Electric on the sale of its US$23bn global real estate equity and debt portfolio to Blackstone and Wells Fargo, the largest real estate deal since 2007.

Advising Haier on its JV with FagorMastercook in Poland and further investigations on insolvency procedures of FagorMastercook Poland and FagorBrandt in France and Spain.

Advising Kodak Pension Plan as a member of the Official Committee of Unsecured Creditors for Eastman Kodak, and exchange of its US$2.8bn of claims for two operating units.

Advising Provisional Liquidators of one of China's largest producers of recycled scrap metal, following a winding-up petition presented upon discovery of substantial financial irregularities.

Advising The Houston Casualty Company in the refinancing of part of the financial indebtedness of the listed company Codere, S.A. and its group companies.

Advising UniCredit and Intesa San Paolo, on arranging new financing for Blue Panorama, authorized by the court and certain credit agreements secured by mortgage on airplanes.

Advising a leading French mass-retail group in relation to the restructuring of its activities.

Advising a world leader in marine services for offshore oil and gas, facing financial difficulties, in the restructuring on of its equity and its debts (€3bn).

Advising ad hoc noteholder committee on restructuring $4-6bn debt owed by Croatian business in new special administration, including provision of $1bn DIP funding.

Advising administrators of Travelex, including design and implementation of prepackaged sale to a new bondholder vehicle to effect and debt/equity swap.

Advising agent and security trustee on Apcoa restructuring, including changing governing law and jurisdiction to allow sanction of an English law scheme of arrangement.

Advising group of surety providers comprising 8 international institutions with €400m exposure on prospective recapitalisation of European tour operator.

Advising in connection with Onexim's acquisition of stake in UC RUSAL and UC Rusal’s obligations to Onexim in context of proposed global restructuring of UC Rusal’s indebtedness.

Advising on a number of insurer insolvencies and solvent schemes of arrangement including Orion, HIH, and St Helens Trust.

Advising on a number of insurer insolvencies and solvent schemes of arrangement including Orion, HIH and St Helens Trust.

Advising one of the liquidity facility providers on the high-profile £2.2bn restructuring of Punch Taverns.

Advising the Indenture Trustee regarding the restructuring of US$350m of public bonds issued by international data communications provider.

Advising the scheme administrators in relation to the schemes of arrangement for The Orion Insurance Company PLC and The London and Overseas Insurance Company PLC.

Advising the shareholder re. the restructuring of the €200m debt of Rive Defense in the context of a Sauvegarde procedure.

Overall advice concerning insolvency of BenQ Mobile Germany GmbH & Co. OHG including defence against claw back actions.

Representation of Orexigen Therapeutics Inc. in its Chapter 11 bankruptcy filing and successful Section 363 sale as a going concern.

Represented a holder of a majority of principal amount of notes issued by mortgage origination company Stearns Holdings in connection with its Chapter 11 bankruptcy case.

Represented retailers Aldo U.S. and The ALDO Group in their Chapter 15 bankruptcy cases, which entailed restructuring a C$300m credit facility and streamlining global operations.

Represented the MexCAT ad hoc bondholder group in respect of the restructuring US$6bn of bonds issued by the Mexico City Airport Trust, the largest ever issued in Latin America.

Representing Mattel in the Toys R Us Chapter 11 case, as the largest trade creditor and creditors’ committee co-chair.

Representing a major creditor on the official committee of unsecured creditors in the Chapter 11 proceedings of multinational oil and gas drilling provider Seadrill.

Representing significant stakeholder in dual U.S. Chapter 11 - Bahamian Provisional Liquidation cross-border proceedings of $3.6bn Baha Mar hotel and resort project.

Representing the Creditors' Committee of Speedcast, a global satellite service provider with a network of more than 80 satellites and local support in over 40 countries, in its Chapter 11 filing.

Representing the Indenture Trustee for US$1.0bn of bonds issued by Vitro S.A.B. in cross-border restructuring proceedings in Mexico and the U.S.

Representing the MexCAT ad hoc bondholder group in respect of the restructuring US$6bn of bonds issued by the Mexico City Airport Trust, the largest ever issued in Latin America.

Representing the ad hoc bank group in the US$2bn Singapore restructuring proceedings of the Hyflux Group.

Representing the indenture trustee in the cross-border restructuring proceedings of Singapore-based Noble Group.

Representing the official committees of unsecured creditors in the Delaware and Missouri cases of Abengoa, a multinational renewable energy company with over US$9bn in debt.

A debt fund providing €1.2bn of exit financing to the Fortenova group following the restructuring of its €6bn debt stack (following on from our prior roles for the adhoc bondholder committee, and then DIP lenders, on that restructuring).

Achaogen Inc., the manufacturer and distributor of ZEMDRI (plazomicin), an FDA-approved antibiotic for fighting “SuperBug” bacteria, in its chapter 11 bankruptcy filing.

Advising the respective ad hoc group of holders in relation to the US$500m sukuks issued by SD International Sukuk Limited and SD International Sukuk II Limited, and the US$300m due 2022 and US$200m due 2025 sukuks, all guaranteed by the Malaysian listed oil and gas services business, Serba Dinamik Holdings Berhad.

An ad hoc committee of bondholders on the restructuring of US$200m of notes issued by Yestar Healthcare Holdings Company Limited, a leading medical consumables and equipment company operating in the PRC. This transaction is the first-ever successfully completed high yield bond restructuring deal in the Chinese medical consumable sector.

An ad hoc group of 2026 noteholders of Naftogaz, the largest state-owned national oil and gas company of Ukraine, on the amendment and extension of its US$500 million Eurobonds.

An ad hoc group of bondholders in relation to a convertible bond issued by Novaland, one of Vietnam’s largest real estate developers which is in the process of restructuring certain of its financial obligations.

Bondholders in relation to the restructuring of the US$500 million notes issued by GCL New Energy Holdings Limited, one of the leading solar power operating HK-listed companies in China.

Madison Pacific as lender agent in the restructuring of China Fishery Group on the US Chapter 11 restructuring and UK Restructuring Plan involving borrowings in excess of US$1.6 billion.

Nextstone Capital and Mat Immo Beaune, which together form Concert'O, in their capacity as Orpea shareholders, on Orpea's financial restructuring.

Obtained a 98% recovery for the unsecured creditor committee in the chapter 11 case of Wave Computing, Inc. and represented its affiliated debtors, and the Liquidating Trust formed after confirmation of the Plan of Reorganization.

Searchlight Capital Partners in relation to the financial restructuring of Latécoère SA, which is a listed company and a tier one partner to major international aircraft manufacturers.

Senior secured lenders on the Restructuring Plan on Virgin Active, including the first and still leading case on use of the cross class cram. Subsequently successfully challenging the Restructuring Plan on NCP Car Parks, and taking roles on Hurricane Energy.

The administrators on the special administration of investment bank Sova Capital, an FCA regulated London based institution with c$3bn AUM.

The Government of Ghana in the reprofiling of more than $50 billion of domestic and international sovereign debt.

The major fulcrum creditor group in most Ukranian stressed situations in recent years, including Myria Agro, Interpipe, GNTerminals, UKR LandFarming and DTEK.

The Official Committee of Unsecured Creditors in the chapter 11 case of Virgin Orbit, a commercial space company founded by billionaire Sir Richard Branson that provided dedicated and rideshare small satellite launch capabilities.

M&A Advisor Awards

2018

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Key contacts

Representative experience

Awards and recognitions

Band 2: Multi-Jurisdictional

Band 2: Highly Regarded

Band 2: Singapore

Band 2: France

Tier 2: Hong Kong

Tier 2: Singapore

Tier 2

Tier 2: France

Top 15 Restructuring Firms in the World

Ecuador Debt Restructuring: Debt and Equity-Linked Deal of the Year

LATAM DIP Financing: Banking and Finance Deal of the Year

Agrokor: Restructuring Deal of the Year

Achaogen Sale: Cross-Border M&A Deal of the Year

MexCat: “Debt and Equity-Linked Deal of the Year”

Noble Group: “Restructuring Deal of the Year”

Noble Group: “Restructuring Deal of the Year”

Noble Group: "Innovation in Cross Border Restructuring and Insolvency"

Noble Group: "Finance Deal of the Year Insolvency and Restructuring"

CGG: "Restructuring Deal of the Year"

CGG: "Large Restructuring Deal of the Year (above 500 million USD)"

Mriya Agro Holding: "Restructuring Deal of the Year"

Mriya Agro Holding: "Deal of the Year"

Seadrill: "Structured Finance and Securitization Deal of the Year"

Seadrill: "Restructuring Deal of the Year"

Seadrill: Cross Border Turnaround Deal of the Year (over US$5 billion)

Restructuring of Action Resources: "Industrials Deal of the Year (Over 100M)"

Restructuring of Action Resources: "Industrials Deal of the Year (Over 100M)"

Orexigen Therapeutics: "Healthcare/Life Sciences Deal of the Year"

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