Restructuring is certainly the flavour of the month. This Banking and Finance Special Report looks at how ailing structured investment vehicles are being restructured, leading a number of UK and US firms to win mandates on these lucrative deals.
As well as Clifford Chance and Lovells leading on the Goldman Sachs SIV series of restructurings, US firms such as Orrick Herrington & Sutcliffe, Sullivan & Cromwell and Milbank Tweed Hadley & McCloy have scooped roles advising senior creditors and taking on the US securities elements.
This current wave of restructuring is different from those seen in previous credit crises. Investment vehicles are more complex and global, while more investors and creditors are in need of attention. As the credit crisis continues, a number of firms will benefit from this.