Still standing in the red zone

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The litigation regarding the restructuring of the RBS led syndicated loans of approximately £297 million taken on by Messrs Gillett and Hicks (the Owners) when they acquired control of Liverpool Football Club (LFC) in 2007 highlight the potential for restructurings to become hostile. This litigation originally made it appearance in the High Court in 2010 where RBS won on all counts. The same teams lined up again in the Court of Appeal just before Christmas to have another go at each other on a slightly different basis.

This article looks at some of the lessons which can be learnt from the LFC restructuring. It is the nature of these diverse and often complex transactions that some stakeholders will be disappointed with the expected outcome. When disappointment turns to active opposition the importance of early advance planning to deal with opposition in the restructuring process becomes clear.

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