Chapter 11 is always a difficult situation for a company to be in. But when climbing out of that hole involves satisfying creditors on both sides of the Atlantic, dealing with future asbestos claims and saving the pensions of thousands of people, everything becomes that little bit harder.
Mark Andrews is the hugely respected head of Denton Wilde Sapte’s (DWS) insolvency and restructuring practice. He is also one of those tasked with trying to sort out the UK end of the Federal-Mogul insolvency, as legal adviser to the administrators of subsidiary T&N, the first mass tort cross-border insolvency.
The administrators, Kroll Buchler Phillips, and Andrews believe that the Chapter 11 plan proposed by Federal-Mogul is unenforceable in the UK.
Andrews’ experience and creativity are at a premium in this most complex of transatlantic insolvencies.