Cross-practice team from Nabarro advises UK Coal on second restructuring
A cross-practice team at Nabarro has guided UK Coal through a second restructuring following a catastrophic fire at the company’s Daw Mill in February 2013. The restructuring is of national importance because the business accounts for the production of five per cent of the UK’s energy needs.
As a result of the restructuring, more than 2,000 jobs have been preserved across the UK Coal group and the pensions of more than 7,000 members have been protected through an arrangement with the Pension Protection Fund.
Under a pre-packaged administration restructuring, pension creditors have compromised their claims against the insolvent company in return for significant economic interests in the resulting viable business.
Nabarro partners Glen Flannery (insolvency and restructuring) and Ben Hendry (corporate) led a cross-practice team including fellow partners Ian Greenstreet (pensions), Gareth Saynor (corporate) and senior associates Oliver Jackson and Morgan Bowen.
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