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Norton Rose is setting up a dedicated restructuring department as the wave of companies facing financial difficulties continues to grow
Headed by Richard Calnan, a banking partner and restructuring expert at Norton Rose, the group will consist of around nine partners from across the firm's disciplines. Partners to join the group include litigation partners Valerie Davies and Sam Eastwood to advise on contentious matters, as well as Tom Speechley in banking and Hamish Anderson, head of Norton Rose's insolvency group. Commenting on the initiative, Calnan said: "Across the London office there are a number of people who do restructuring work, but are in different departments. Across our international offices, especially the Far East where there have been a large number of restructurings, there are people who also work in this area. We're trying to pull it together in a more structured way." From an administrative point of view, partners will continue to bill clients as part of their own departments. However, with the new group there will be a more collegiate approach to sharing knowledge when working on complex corporate reorganisations. So far, Norton Rose has completed a number of high-profile deals, including acting for Ashanti Goldfields Company on a restructuring that included an unconditional early bond redemption.