A fantastically meaty deal for Denton Wilde Sapte, which has spent the past 12 months nabbing some of the biggest insolvencies around.
RSL is a Bermuda-based telecoms company with a range of subsidiaries around the world. The group has fallen prey to the downturn in the telecoms sector and has debts in excess of $1.5bn (£1.05bn). Its two UK companies have gone into administration, the Bermuda arm has gone into provisional liquidation and part of the US operation has filed for credit protection under Chapter 11 of the US bankruptcy code.
Along with Weil Gotshal & Manges, Denton Wilde Sapte is acting as the global coordinator for the legal work. RSL has a presence in Australia, Austria, Benelux, Canada, France, Germany, Italy, Mexico, Scandinavia, Spain and Venezuela, although the group’s main operations are in the US, the UK and Bermuda.
Denton Wilde Sapte is evidently benefiting from a close relationship with PricewaterhouseCoopers (PwC), which instructed it on this particular deal. PwC was also responsible for involving Denton Wilde Sapte in the high-profile Versailles case just over a year ago.