The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The $850m (£602.9m) restructuring of Pilipino Telephone Corporation (Piltel) is the Philippines' largest corporate debt restructuring. Linklaters & Alliance was recommended to Piltel by Lehman Brothers. Allen & Overy was originally brought in to act for the consortium of Filipino banks, but it ended up advising the bondholders' trustee JP Morgan Chase & Co as well.`The deal was drafted with three chunks of debt. More than 40 international and domestic banks provided $290m (£205.7m), international and convertible bondholders held $235m (£166.7m) of bonds and there was a $273 (£193.6m) assets-for-debt-and-equity swap with Marubeni.`Given that there were no UK law documents and the entire deal was structured under US and Filipino law, the restructuring was a coup for Linklaters and Allen & Overy. The deal took place over two years during which there was a change in government, a change in insolvency laws, a major drop in the Philippines currency and the bursting of the global telecoms bubble.