Allen & Overy (A&O) has strengthened its restructuring capabilities through a newly formed association with French insolvency firm SCP Santoni Paccioni et Associes.
The firms have worked closely together in the past, collaborating on a number of restructurings, including Eurotunnel, Rhodia and Securitas Protection Services.
Gordon Stewart, global head of restructuring at A&O, said: "We’re able to reinforce our European strength and capabilities in insolvency and restructuring through this arrangement. This enables us to develop our cross-border client base in France."
Santoni Paccioni, a niche French firm with three partners and 10 associates, is hoping to build on the existing relationship with A&O and develop its work with financial institutions, funds, fund managers and corporate clients.
Marc Santoni, co-managing partner and founder of Santoni Paccioni, said: "This alliance is a must for us given A&O's international stature. This means we’re now positioned as a major force in the French restructuring, workout and insolvency market and have full capacity to deal with all of the issues on restructuring transactions in France."