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Squire Sanders & Dempsey secured a major role in the negotiations between the UK and Iceland following the fall of Icelandic bank Landsbanki.
Squire Sanders takes lead role on Landsbanki after A&O quits" />Squire ;Sanders ;& Dempsey secured a major role in the negotiations between the UK and Iceland following ;the ;fall ;of Icelandic bank Landsbanki.
The bank has had its UK assets frozen by the UK Government to protect savers and was last week given a £100m loan by the Bank of England to help repay its creditors.
US firm Squire Sanders was representing Landsbanki’s UK branch alongside Allen & Overy (A&O), but became lead adviser when the magic circle firm pulled out.
Finance partner Andrew Knight and London managing partner Andrew Visintin are leading the team on the asset-freezing order and the emergency loan.
An ;A&O ;partner confirmed ;that ;the Landsbanki relationship had ended, but would not comment further.
The firm is representing Icelandic rival Kaupthing, which has also been put into administration in the UK.
The Bank of England is understood to have turned to Freshfields Bruckhaus Deringer restructuring and insolvency partner Richard Tett on the £100m facility, while the Government used Slaughter and May finance partners Andrew McClean and Sarah Paterson.
Also present at negotiations was Landsbanki’s head of legal and compliance in the UK Godfrey Dutton and the bank’s Icelandic counsel, Logos managing partner Gunnar Sturluson.
Earlier this month, the Icelandic government took control of Landsbanki. Shortly after, UK regulators put its UK operations, along with Kaupthing’s, into administration.
Rosenblatt Solicitors has been instructed by the administrators of the Kaupthing Private Equity Fund, with senior partner Ian Rosenblatt, litigation partner Tanya MacLeod and corporate partner Nigel Frudd advising financial consultancy ;Smith ;& Williamson.
Eversheds partner Guy Green, a former in-house counsel at Icelandic insurer Exista, has been advising both banks on drawdowns, liquidity issues and asset disposals.