Practice

Business Restructuring and Insolvency

Not every journey is predictable. Unwanted surprises. Reduced liquidity. Changing global markets.

These factors can force borrowers and creditors to re-evaluate their positions. It can also force companies to reorganize themselves globally. A comprehensive restructuring plan will help avoid a freefall insolvency. A strong contingency plan to fall back on will provide protection if a consensual solution isn't possible.

Today’s cross-border restructuring and insolvency work calls for lawyers skilled in providing bold and commercial solutions. They also need sharp technical skills to be able to guide clients through the complexities of this market. We have those skills.

Our restructuring and insolvency lawyers advise all stakeholders in restructuring and insolvency cases. From our global platform, we provide pragmatic, business-focused advice to creditors, multinational companies, and insolvency administrators. We also advise pension trustees, governmental and quasi-governmental bodies, and stressed financial institutions.

We understand the legal, political, and business landscapes involved when a company gets into financial difficulties. And we have a strong track record of providing innovative solutions.

Over-leveraged balance sheets are an issue for creditors as well as borrowers. We have acted on some of the largest loan portfolio transactions in the market, both buy-side and sell-side. We also advise clients on secondary debt trading and distressed investment opportunities.

Every matter requires the right team. At Hogan Lovells, we build the team to meet your needs. Where necessary, we draw on lawyers from other practice areas including capital markets, litigation, real estate, employment, intellectual property, tax, and pensions to add to the core restructuring team. One team, able to advise on all the challenges the transaction might present.

Representative experience

Representing the MexCAT ad hoc bondholder group in respect of the restructuring US$6bn of bonds issued by the Mexico City Airport Trust, the largest ever issued in Latin America.

Acted as lead transaction counsel and advisor to the ad hoc committee of Noteholders in the successful, landmark US$1bn restructuring of Mriya Ago, the Ukrainian agricultural conglomerate.

Representing Mattel in the Toys R Us Chapter 11 case, as the largest trade creditor and creditors’ committee co-chair.

Representing the ad hoc bank group in the US$2bn Singapore restructuring proceedings of the Hyflux Group.

Advising a world leader in marine services for offshore oil and gas, facing financial difficulties, in the restructuring on of its equity and its debts (€3bn).

Advising ad hoc noteholder committee on restructuring $4-6bn debt owed by Croatian business in new special administration, including provision of $1bn DIP funding.

Advising group of surety providers comprising 8 international institutions with €400m exposure on prospective recapitalisation of European tour operator.

Representing a major creditor on the official committee of unsecured creditors in the Chapter 11 proceedings of multinational oil and gas drilling provider Seadrill.

Representation of Orexigen Therapeutics Inc. in its Chapter 11 bankruptcy filing and successful Section 363 sale as a going concern.

Represented a holder of a majority of principal amount of notes issued by mortgage origination company Stearns Holdings in connection with its Chapter 11 bankruptcy case.

Advising Bank of New York Mellon in the restructuring of international geosciences services provider CGG, one of the largest French restructurings in history.

Representing the official committees of unsecured creditors in the Delaware and Missouri cases of Abengoa, a multinational renewable energy company with over US$9bn in debt.

Advising Bank of New York Mellon on its bond trustee and security trustee role in the early redemption and refinancing of Reliance Rail's A$2.2bn debt.

Representing the indenture trustee in the cross-border restructuring proceedings of Singapore-based Noble Group.

Advising the Indenture Trustee regarding the restructuring of US$350m of public bonds issued by international data communications provider.

Acting as debtor’s counsel for Ambac Financial Group, Inc. in successful case under chapter 11 of the Bankruptcy Code, which preserved US$5bn of net operating losses and resolved 800 million in IRS claims.

Advising a leading French mass-retail group in relation to the restructuring of its activities.

Advising on a number of insurer insolvencies and solvent schemes of arrangement including Orion, HIH and St Helens Trust.

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