Five UK firms have scooped key roles on the Metronet administration, which was launched earlier today.
Allen & Overy (A&O) has a scooped a key role on the administration, advising accounting firm Ernst & Young as the administrators. The A&O team is being led by insolvency partner Mark Sterling and restructuring partner Katrina Buckley.
A team at CMS Cameron McKenna led by Andrew Ivison is advising longstanding client Metronet on the first-ever administration of a PPP in the UK.
Ivison commented: “We’re all just coming to terms with what this actually means for Metronet at the moment. This hasn’t happened before, so there are no previously established regulations or rules on how to deal with a PPP administration. This makes it quite different from other administrations.”
Camerons was first instructed to advise Metronet when it won the pitch to advise on the original PPP with Transport for London (TfL) in 1998.
Clifford Chance insolvency and restructuring partner Mark Hyde is leading the team advising the lenders. The Herbert Smith team, led by Nick Tott, is advising TfL, while Ashurst partner Nick Angel is advising Metronet’s security and intercreditor agents.