Insolvency and restructuring

New Look restructuring saga continues with new firm line-up

Latham & Watkins is one of the heavy hitting City firms that have been ushered in to advise on the next chapter of New Look’s restructuring saga, following the arrival of Sidley Austin’s Yen Sum last year. Sum, who moved to Latham after a short spell at Sidley in 2018, won a place for the bondholders […]

HMV

City duo secure lead mandates on HMV administration

Addleshaw Goddard and Howard Kennedy have been called in to act on the administration of HMV, after it struggled to scrape past Christmas and became the latest victim on the ailing high street. Addleshaws is advising administrators KPMG, led by business support and restructuring partners Fraser Ritson and Alison Goldthorpe. KPMG was confirmed as administrators […]

Challenging an IVA on the grounds of material irregularity

By Simon Clark, Gawain Moore In Gertner v CFL Finance Ltd [2018] the Court of Appeal found that there had been a material irregularity at the creditors’ meeting convened to consider the debtor’s IVA proposals. The lender’s breach of the good faith principle between creditors was sufficient to revoke the IVA on grounds of material irregularity.

money

Revealed: Slaughters’ expected fees for Wonga’s collapse

Slaughter and May is in line to pick up a pay packet of £700,000 for its work advising on the administration of payday lender Wonga, falling in line with fees already paid to legal advisers on retail restructurings. The firm was drafted in when Wonga collapsed into administration under a mass of compensation claims at […]

hairdressing

Shoosmiths lines up CVA for Supercuts owner

Shoosmiths has guided salon chain Regis through its company voluntary arrangement (CVA) in the eighth retail restructuring deal that the firm has done in a year. Regis, which owns the hairdresser Supercuts brand, lined up the CVA in October in order to cut its rents after being hit by lower footfall, the apprenticeship levy and higher pension […]

paris

White & Case joins fight for Paris talent with Orrick team hire

A team from Orrick’s French operations are to decamp for White & Case’s burgeoning corporate practice, the latest development in a spate of activity in the Paris market. Saam Golshani, Orrick’s co-chair of European restructuring and head of its Paris M&A and private equity group, is leading the move to White & Case. He has spent […]

Connecticut

Akin Gump bets big on transatlantic offering with four-partner hire

Akin Gump Strauss Hauer & Feld has snared a four-partner financial restructuring and global debt team from Morgan Lewis, in a move that reunites them with their former Bingham McCutchen colleagues. The hires include two heads of practice, with Morgan Lewis’ City transactional finance head Thomas O’Connor joining Akin Gump in London. Partner trio Renée Dailey, Christopher Lawrence […]

White & Case brought in for Coast as retailer collapses

Three firms have been called in to advise on the restructuring of fashion retailer Coast, the latest in a long line of high street brands to fall into administration. The chain’s collapse will lead to the immediate closure of 24 stores and concessions across the UK, while around 600 staff will decamp to Karen Millen, […]

Ropes’ growing pains continue as firm downsizes in the City

Ropes & Gray is to significantly cut back its real estate and restructuring-related offering in London, with four partners told to leave the office in the coming months. The partners in those teams were told “they were no longer required at the firm” following a visit from the US heads of the firm last week. […]

Gherkin

From PSL to partner: Kirkland breaks new ground with Weil hire

In a rare move for a US firm in London, Kirkland & Ellis has hired a professional support lawyer as a partner to drive growth in its increasingly busy restructuring practice. Kate Stephenson joins Kirkland as a partner, having worked at Weil Gotshal & Manges for four years as a PSL in the restructuring team. […]

Slaughter and May

Slaughters called in to act on Wonga collapse

Slaughter and May has advised Wonga as it collapses into administration under a mass of compensation claims. The British payday loan company went into administration yesterday (30 August), having stopped accepting new loan applications as it fought to stave off collapse. The Slaughters team has been led by corporate partner Andy Ryde, restructuring and insolvency partners […]

Homebase hands first-time mandate to Kirkland on restructuring bid

Kirkland & Ellis has won a first-time mandate from struggling DIY chain Homebase, which earlier today confirmed it was planning a company voluntary arrangement (CVA). Homebase is the latest retailer to announce such a move and follows in the wake of similar CVAs entered into by New Look, Prezzo and Mothercare. A CVA can be used by […]

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