Bingham McCutchen has secured a high-profile mandate advising the creditors of Northern Rock on protecting their interests throughout the bank’s crisis.
Bingham’s team, which is led by restructuring partner Barry Russell, is advising a group of bondholders that hold the bank’s tier 2 debt.
Russell is well placed to handle the job: in 2004 The Lawyer reported that Russell led the Bingham team that advised Jarvis US noteholders during its financial restructuring.
Russell is also well known in the market for advising on a number of other high-profile restructurings, including advising the ad hoc bondholders committee for Marconi in 2001.
Earlier this week (26 September) www.thelawyer.com reported that Slaughter and May had scooped a major role on the Northern Rock situation, advising the Treasury and the Financial Services Authority.
Northern Rock has turned to Freshfields Bruckhaus Deringer for legal advice, with private equity house Cerberus understood to be instructing longstanding adviser Ashurst on its expected bid for the troubled bank.