Our team provides our clients with the advice and support they need in situations of financial stress and distress. A constant changing platform in society requires adaptability and continual evolution. Periods of stress and distress need to be managed.
We assist to bring the right expertise to the table and ensure a co-ordinated approach, with the primary objectives of enhancing performance and stakeholder value.
We work closely with corporate and financial advisers to give advice on the options and restructuring solutions. We advise on contingency planning and insolvency risk in a transaction.
We have extensive experience in both consensual restructurings and restructurings implemented via formal insolvency vehicles, and have acted in both listed and private arenas where confidentiality and reputation are often critical factors in the value and viability of the restructuring.
The team also advises clients in relation to distressed assets, including loan portfolios and debt.
Our clients include banks and other financial institutions or holders of debt, company directors and shareholders. We also act for parties who are able to inject new money via debt or equity, as well as sellers and buyers of distressed assets, and for parties associated with other distressed vehicles/structures.
Financial and operational restructuring: We acted for the senior lenders on the successful turnaround of a corporate borrower. Approximately $100 million debt was restructured, with the borrower benefiting from new injections from the senior and mezzanine lenders, as well as a new capital injection by a private equity fund. We advised on the amendments to the facility including permissions to allow for the sale of various underperforming assets. We have subsequently acted on the disposal and acquisition of further assets by the borrower and the acquisition of a controlling stake by an institutional investor, with the borrower returning to financial health.
Equity solutions: We acted for the management team in connection with the restructure of the Colorado Group of companies out of receivership into a new vehicle; this included advising on the equity and shareholding arrangements between the new vehicle and management.
Distressed loan portfolios, other distressed vehicles: We acted for a large regional bank on the sale of a portfolio of impaired loans, with the majority of the portfolio (with a face value of $156 million) being sold to Goldman Sachs. We advised on the options in packaging the distressed assets for sale, the expressions of interest process and negotiating the terms with the successful bidder. We have also acted buy side on the acquisition of various distressed loan portfolios. We acted for the junior subordinated noteholders in the restructuring of a distressed securitisation vehicle. This involved a variation to the classes and characteristics of certain notes being agreed, in the context of a proposed transfer of some of those notes.