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Clifford Chance

Clifford Chance
Restructuring & Insolvency<br />

Restructuring & Insolvency

Global Restructuring and Insolvency

Our dedicated Restructuring and Insolvency team is made up of experienced experts whose pragmatism has earned its strong reputation for delivering commercial results packaged into one seamless service.

The depth of our talent allows us to provide restructuring and finance expertise across a full spectrum of products and structures and access to partners who focus in areas which often prove pivotal in distressed situations, such as finance, litigation and dispute resolution, regulation, real estate, pensions, tax, derivatives, corporate and tech.

We have the expertise to advise on all types of insolvency proceedings, concentrating on multi jurisdictional proceedings; litigation and dispute resolution including protecting creditor claims, cross border recovery, asset freeze, and search operations); purchase and sale of claims;  advice in relation to avoidance actions; and advice on regulatory, financial, and commercial issues.

How can we help you

Multi-jurisdictional restructurings and insolvencies

We concentrate on complex multi-jurisdictional restructurings and insolvencies with dedicated resources in the key European jurisdictions, the US and Asia, in addition to having expertise in our practices in the emerging market jurisdictions. In recent times we have been involved in advising on some of the most important restructurings and insolvencies taking place across the globe.   

Global reach

We have expertise around the globe in formal restructurings and informal workouts.  We also offer practical and commercial advice on a full range of contentious and non-contentious issues encountered in insolvencies.

Broad client experience

We regularly represent a whole range of stakeholders from corporate debtors experiencing financial difficulties to lender groups; agents to syndicated lending groups; commercial creditors; insolvency officers; official and unofficial creditors’ committees; principal finance and private equity sponsors; financial institutions; accountants; and financial advisers.

High-level expertise

We have the expertise to effect all types of transactions, including: restructurings and rescue securitisations; moratoriums; work-outs; standstills and override arrangements; rescheduling of debts; debt to equity swaps; other forms of capital restructuring (e.g. rescue rights issues); restructuring by means of corporate finance transactions (e.g. buy-outs, M&A, new equity investment etc.); structured receiverships; corporate restructurings avoiding formal insolvency procedures (eg. schemes of arrangements;) restructurings through insolvency processes (e.g. restructuring plans, formal cram down processes; pre-pack administrations, bankruptcy sales and purchases); and purchase and sale of bankruptcy claims.

Recent client highlights

  • Lion Air. Advised various financiers and lessors on the restructuring of multiple leases to Lion Air. European Restructuring Deal of the Year – Airline Economics European Aviation 100 Deal of the Year Awards 2023. NMC Healthcare. 
  • NMC Healthcare. Advised the Ad Hoc Creditors' Committee of NMC Healthcare on its ground-breaking USD 7 billion financial restructuring, including the first-ever use of ADGM administration and deeds of company arrangement. Restructuring Deal of the Year IFLR Middle East Awards 2022.
  • Matalan. Advised Matalan UK retailer Matalan on its 2023 comprehensive recapitalization involving debt to equity swap, pre-packaged administration, refinancing and new money injection (the highest profile UK restructuring of 2022) and in 2020 on the provision of a £50m emergency liquidity package by existing lenders and noteholders via a combination of a credit facility under the CLBILS scheme, senior notes and a scheme of arrangement of the existing second lien notes to temporarily convert cash pay interest to PIK Interest.
  • Webuild. Advised Webuild in respect of its interest in the Clough Group, including assessing whether an emergency loan should be advanced, performing a security and options review in connection with the emergency loan, establishing exclusivity to undertake an accelerated legal due diligence review of the Target Group and advising on the implementation of an M&A under a voluntary administration process in Australia. The combined Webuild-Clough group in Australia has around 3,000 employees and a combined order backlog of over AU$18 billion including projects for which they are preferred bidders.
  • The Learning Network. Advised the Lenders on the financial restructuring and ultimate distressed sale by way of Dutch pledge enforcement of The Learning Network ("TLN") Group from TowerBrook Capital Partners to Hans van der Wind (ex-owner, current board member and minority shareholder) and Intersaction.
  • Malaysia Airlines. Acted for a large group of lessor creditors to the Malaysia Airways Berhad group through the development and implementation of a large multi-stakeholder multi-jurisdictional restructuring Ber had Deal of the Year, Airline Economics Deal of the Year Awards 2021.
  • Takko. Advised certain term loan and letters of credit lenders to Takko Fashion, a major European discount fashion retailer, in respect of negotiating a sustainable solution to the company's upcoming debt maturities in 2023.
  • Hong Kong Airlines. Provided contingency planning and implementation advice to five of Hong Kong Airlines' aircraft lessors in relation to the latter's use of a parallel Hong Kong scheme of arrangement and United Kingdom restructuring plan. We also acted for the largest creditor CDB holding 47% of the debt.
  • Calon Energy (Baglan). Advised the Official Receiver/Special Managers of Baglan Power Station TRI Company Award for Business Continuity – TRI Awards 2022.
  • gategroupAdvised Gategroup Holding AG in relation to a restructuring of the Swiss aviation catering company, which included the provision of $500 million of new money (in the form of subordinated loans and equity) provided by the shareholders and various maturity extensions. The restructuring was implemented via a part 26A restructuring plan.

  • Codere. Advised Codere group, a leading player in the private gaming industry, on its €1.2bn restructuring by way of a new money offering and consent solicitation, the need for which arose from continuing COVID-related restrictions and closures which impacted materially on the group's gaming and casino businesses.
  • Pierre et Vacances. Advised on the acquisition by Atream, Fidera and Alcentra and €1.5bn debt restructuring of the French tourism group.
  • Trinity Group. Acted for FTI Consulting in their capacity as liquidators of Trinity Limited, a holding company of the Trinity Group.
  • Pacific Andes. Advised the liquidators of certain entities in the Pacific Andes group, including with respect to ongoing US bankruptcy proceedings of other entities within the group.
  • JBF RAK. Advising Mashreq and Abu Dhabi Commercial Bank in respect of the proposed restructuring of JBF RAK LLC and its subsidiaries. JBF RAK is a UAE, Belgium and Bahrain based plastics manufacturer and the terms of the restructuring provide for a debt-to-equity swap and the provision of new money funding to support the business going forward.
  • Orpea. Advised an ad hoc committee of Taiwanese banks who are subsidiaries who are Schuldshein lenders to Orpea.
  • Garuda. Advised the ad hoc group of aircraft lessors to Garuda Indonesia in respect of the proposed restructuring of the Garuda Indonesia Group.

Clifford Chance benefit from their wide range of expertise across different countries.

Band One – Chambers Global Guide 2023 Restructuring & Insolvency

They provide a great combination of technical and subject matter expertise, as well as geographical coverage.

Band One – Chambers UK 2023, Restructuring & Insolvency
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