Your partner for global financial restructuring
We represent companies, creditors and other financial stakeholders globally in all aspects of business and financial restructurings, informal strategic advice, risk mitigation and formal measures. We provide innovative and tailored solutions, allowing clients to maximize the chances of a successful outcome, while minimizing financial and reputational risk.
We have strong, long-standing relationships with prominent financial advisors, investment banks, company stakeholders and insolvency practitioners, which allow us to forge consensus in highly contentious situations. However complex the situation, we provide multidisciplinary resources and deep experience to guide clients on significant domestic and cross-border restructuring matters.
With more than 200 dedicated lawyers worldwide, we’re the largest global restructuring team, and a market leader in delivering cross-border solutions, with the ability to bring the right sector experience to any scenario.
“The team works seamlessly across multiple jurisdictions.”
Our integrated services cover the full depth and breadth of restructuring-related matters. We advise and represent a wide range of stakeholders, including companies in financial difficulty from mid-market to large multinationals, officers and directors, management, owners, asset purchasers and investors, lenders, noteholders, official and unofficial committees, and other secured and unsecured creditors in the full spectrum of in-court and out-of-court restructuring transactions.
We act for them on complex business reorganizations, troubled company M&A, debt restructurings, liability management and contingency planning transactions, financing matters, investigations, enforcement, litigation and asset recovery.
Timely involvement is key to protecting value – whether through mitigating non-bankruptcy measures or a comprehensive restructuring. These processes differ by jurisdiction, and our market-leading team brings decades of experience in implementing and delivering the most appropriate strategy in the context of insolvency and bankruptcy regimes around the world.
We are involved in global restructuring proceedings, including many of the world’s complex and transformational transactions, distinguishing our team as one of the top practices in the world.
In Germany
Awards and recognition
Experience
How we have delivered for our clients
- Represented Valeritas Holdings, Inc. and its affiliated debtors in jointly administered chapter 11 cases pending in the US Bankruptcy Court for the District of Delaware. This case has been recognized by industry professionals as the first bankruptcy that can be attributed to the early spread of the pandemic, coronavirus disease 2019 (COVID-19), in China.
- Represented Abengoa US Holding LLC and affiliates, the US unit of Spanish renewable energy company Abengoa SA, in its chapter 11 and chapter 15 petitions in the US Bankruptcy Court for the District of Delaware in Wilmington. Also represented Abengoa Bioenergy US in its two chapter 11 cases in St. Louis, Missouri and Wichita, Kansas with the approved sale of five ethanol plants in Indiana, Illinois, Kansas and Nebraska for more than USD355 million.
- Advised Atlas Financial on a debt for debt exchange using a Cayman Island Scheme of Arrangement that was then recognized in the Southern District of New York in a chapter 15 case. Our team advised the company on the debt issues, negotiating with the Indenture Trustee and the various bondholders, assisting with a Restructuring Support Agreement and all the bankruptcy case proceedings.
- Represented Circles Asia Pte. Ltd. as the purchaser in the acquisition of first lien notes, as the lender in the pre-petition bridge and as the lender in the post-petition debtor-in-possession financing for Pareteum Corporation.
- Engaged as US and cross-border counsel to the Nortel Networks Canadian Creditors Committee in the multi-nation insolvency proceedings of Nortel's Canadian parent and its US and EMEA affiliates, including their dispute over how USD7.3 billion in global asset sale proceeds should be allocated among them.
- Represented Pennsylvania Real Estate Investment Trust (PREIT) in connection to one of the first public REIT (Real Estate Investment Trust) Chapter 11 cases, where we led the successful pre-packaged plan of reorganization, which allowed for all creditors to be paid in full and equity reinstated, all within 40 days. This transaction is historic as it was the first bankruptcy filing by a public REIT since General Growth Properties’ bankruptcy during the Great Recession; and it was the first mall owner to succumb to the trickle-up effects of the distress in brick-and-mortar retail that were exponentially amplified by the COVID-19 pandemic.
- Represented SEL Manufacturing, a vertically integrated multi-product textile company, manufacturing various kinds of knitted garments, terry towels, knitted and processed fabric, and various kinds of yarn, in India’s first recognized chapter 15 case in the US Bankruptcy Court for the District of Delaware.
- Advised on the restructuring of Solar Enertech Corp, a US-headquartered solar product manufacturer with Asian operations in Hong Kong and Shanghai. We were appointed, in conjunction with FTI Consulting, to restructure both the parent company and its subsidiaries.
- Represented Trident Microsystems, Inc., a chip and software company, in its filing for chapter 11 in the US Bankruptcy Court for the District of Delaware and the sale of Trident's set-top box business unit to Entropic Communications in exchange for the assumption of obligations and USD55 million in cash, the sale of Trident’s TV business unit to Sigma Designs in exchange for the assumption of obligations and for USD30 million, and the winding-up of Trident's 16 foreign subsidiaries located in 11 different countries.
- Represented Velti plc’s US subsidiaries in connection with its chapter 11 case in Wilmington, Delaware and the section 363 sale of its US, UK and India mobile marketing businesses and certain of its US-based advertising businesses to GSO Capital Partners, the credit division of Blackstone.
- Advised the directors of DeepOcean Group in an ongoing Restructuring process for its UK entities, as well as certain directors of the Dutch parent company DeepOcean Group Holding BV.
- Advised the limited partner advisory committees of seven of the largest Abraaj funds on the complex structure and arrangements put in place within the Abraaj group, restructuring and insolvency options, the appointment of replacement fund managers, litigation and liquidation strategy in relation to each of the funds and the impact of the parent company liquidations on the operation of the underlying funds.
- Advised a specialist international aviation business on contingency planning across multiple jurisdictions with respect to the restructuring of the US listed parent company and the group. We also advised on issues around the US Chapter 11 and particularly the preservation of the UK search and rescue contract, which was critical economically to client’s business, and a matter of national importance in the UK.
- Advised the directors of all of the member subsidiaries of Carillion plc (other than six “Topco” entities which entered liquidation on 15 January 2018). This focused on stabilization of the Group, orderly disposal of assets including solvent sales of profitable corporate entities, sales of equity joint venture interests, advice to directors and placing entities into insolvent liquidation.
- Advised Lehman Brothers Limited (LBL)’s administrators on the well known Waterfall I proceedings to a successful outcome in the UK Supreme Court regarding issues arising in their estate, and particularly the position between LBL and Lehman Brothers International (Europe) (LBIE) and LB Holdings Intermediate 2 Limited (LBHI2).
- Advised FMS Gertmanagement (a German Bad Bank) in relation to the restructuring of Britain’s largest private healthcare group, BMI Healthcare, involving the negotiation of an innovative “stakeholder agreement” affording FMS additional “equity” rights attaching to its bonds.
- Advised Duff & Phelps on the insolvency of British Home Stores, one of the biggest retail insolvencies of the last decade. Our UK team advised upon a myriad of business-related issues, including property, IP, employment and finance and assisted the administrators in the winding down of 164 stores (11,000 employees).
- Advised the global automotive component group, on its successful turnaround which saved more than 400 jobs. The turnaround involved a highly complex debt for equity swap and pension restructuring with international and significant regulatory dimensions.
- Advised the JPLs (Joint Provisional Liquidators) of Luckin Coffee Inc. (with other appointed professionals) in relation to (1) cross-border insolvency issues and the recognition of their powers in Hong Kong and in the US under Chapter 15; (2) regulatory matters principally in mainland China and in the US; and (3) the formulation of possible restructuring options involving convertible noteholders and class action claimants in the US.
- Advised the full Lenders syndicate under the defaulted USD200m credit facilities made available and guaranteed by HKSE-listed China Aoyuan Group Limited. DLA Piper’s role includes acting for Citibank and Nine Masts Investment Fund in commencing legal proceedings against China Aoyuan in HK and providing advice on overall enforcement strategy.
- Advised Rabobank, Standard Chartered Bank and DBS in respect of their exposure in the Pacific Andes Group of companies including China Fishery Group Limited, one of the world’s largest producers of fish oil and fishmeal.
- Advised Titan Petrochemicals Group Limited, a Bermuda incorporated entity listed in Hong Kong, on English, US and Hong Kong law matters in connection with its complex cross-border debt and capital restructuring.
- Advised the US Bankruptcy Court appointed Trustee of Zetta Jet, a leading global air charter operator on the ‘first’ recognition of US bankruptcy proceedings in Singapore under laws adopting the UNCITRAL Model Law.
- Represented Jindal Steel & Power (Australia) and Wollongong Coal in respect of the restructuring of circa USD500 million of indebtedness through amendment of banking facilities and the implementation of two parallel schemes of arrangement in Australia.
- Represented a steel making company as creditor in the ongoing Thai court-driven debt rehabilitation proceedings of Sahaviriya Steel Industries PCL (SSI) involving debts in excess of USD1.4 billion, which is the largest debt restructuring situation in Thailand since the Asian financial crisis in 1997.
- Advised Diebold Nixdorf in the restructuring of SecurCash, its Netherlands ‘cash in transit’ business with a market share of 40%, consisting of a Banking Business and a Retail Business. The Retail business has been put in insolvency after months of very detailed and careful planning with the Dutch Central Bank, all large commercial banks in the Netherlands and with competitors of SecurCash to minimize impact on society. The Banking Business has been sold successfully to G4S, the main competitor in the Netherlands.
- Advised Alitalia in relation to the structuring and negotiation of a solvent restructuring industrial and financial plan involving rescheduling, amendment and partial conversion of existing financial indebtedness, injection of new equity by the stakeholders and granting of new corporate facilities for sustaining the ordinary business.
- Advised Puffin Real Estate (King Street) on the restructuring of the debt of Realia Business, including the negotiation and amendment of the agreement of the syndicated loan facility. Additionally, we also advised on the negotiation of the corporate guarantees and letter of credit to be granted by third parties.
- Advised the banking consortium involving Rabobank, UniCredit Bank AG, Deutsche Bank and China Citic Bank as a lender vis-à-vis the German and French companies of the so-called Pickenpack Group. Our advice affected the refinancing of the insolvency administrator as well as the satisfaction of creditors as part of the continuation and management of the business.
- Advised Marsoft International AS (Marsoft) in an international dispute between Marsoft, the Dutch shipping company Vroon Containers B.V. and the German bank Bremer Landesbank, on complicated questions related to national and international insolvency law, securities law, tax law and litigation.
- Advised Enea S.A. on the restructuring of Katowicki Holding Węglowy S.A. (KHW), the country’s second largest coal mine, including a capital injection of approximately EUR200 million and the restructuring of over EUR300 million of KHW’s debt.
- Advised Norwich Union (now Aviva), the largest senior lender, and BDO Stoy Hayward as administrators on the restructuring of Dawnay Day, a global real estate and financial services conglomerate with assets of £1 billion.
- Advised on the administration of Ineas, a pan-European online car insurance company. This was one of the largest insolvencies of an insurance company in Europe in recent history. We worked closely with the Dutch Central Bank and the Dutch Financial Supervision Authority with regard to the treatment of insurance policies, continuation and/or transfer of activities and the application of guarantee funds.
- Advised the Bank of Scotland plc on the restructuring and the subsequent liquidation of Scottish Coal Company Limited (SCCL) and the various environmental risks to the Bank following liquidation. SRG was the largest surface mining producer in the UK operating 7 open-cast mines and had a turnover exceeding £200m and a land-bank of some 25,000 acres. This matter attracted significant press in Scotland given its strategic importance and the fact that it employed around 800 employees.
- Advised Oaktree Capital Management L.P, as a creditor of Tranche A, for USD1.3 billion for the DIP (“Debtor-in-Possession”) Financing Contract in Latin America – Awarded “Deal of the Year 2021” in the category “Banking and Finance” by Latin Lawyer.
- Advised Oaktree Capital Management in the granting of a financing to LATAM Airlines Group S.A., and other group entities, up to the amount of USD750 million corresponding to Tranche B of the DIP Financing Agreement entered into by LATAM, in the context of the Chapter 11 reorganization process before the Bankruptcy Court of the Southern District of New York.
- Advised JPMorgan Chase Bank, N.A., as arranger, and the rest of the Lenders, in the execution of the Amended and Restated Super-Priority Debtor-in-Possession Term Loan Agreement (A&R DIP Financing Agreement) with LATAM Airlines Group S.A., and other group entities, consisting of an amended and restated DIP Financing Agreement, guarantees and liens transference from the original lenders and legal clearance of the updated corporate/legal compliance, entered into by LATAM in the context of the approval of the Chapter 11 reorganization LATAM proposal at the proceedings before the Bankruptcy Court for the Southern District of New York.
- Advised Corporacion Financiera de Desarrollo S.A. (COFIDE), development bank of Peru, in the negotiation, restructuring and execution of various loans of a portfolio of up to USD400 million.
- Advised Cooperativa Agraria Industrial Naranjillo Limitada, in the implementation of its Restructuring Plan by transferring its operating assets to a special purpose vehicle to enable the entry of private investors and the generation of cash flows for the payment of bankruptcy debt.
- Advised private investors in the acquisition of the bankruptcy tax debt and the design of restructuring plans of various football clubs in bankruptcy, under the special legal regime created by virtue of Law No. 29862 - Law for Economic Restructuring and Support to the Soccer Sport Activity in Peru.
- Advised a Brazilian construction company in the negotiation and restructuring of debt with its main creditors, as well as in determining the extension of measures adopted under foreign bankruptcy regimes with respect to Peruvian assets.
- Advised Banco de Bogotá and Grupo Aval, large-scale economic group in the country, and one of the main creditors of Avianca in the Chapter 11 restructuring process.
- Advised BBI Colombia S.A.S. -operator of Tostao stores- in the largest emergency negotiation of a reorganization agreement in Colombia to date, for around USD 40 million, which resulted in the confirmation of the agreement with more than 80% of the votes of its creditors. It was a structured negotiation, promoted and closed by our team in less than 90 days, with more than 500 creditors. February 2021.
- Advised Fenix Construcciones. in its capacity as debtor in each of the stages of the reorganization process, including: (i) the application for admission, (ii) initiation of the reorganization process, (iii) Objection stage, (iv) negotiation of the reorganization agreement and confirmation thereof.
- Advised the debtor in the development of the corporate reorganization process Law 1116 of 2006. Responsible for the judicial representation of the debtor in the process, with the preparation of conciliation agreements, requests for authorization of operations before the Superintendence of Corporations, compliance with each of the stages of the reorganization process.
- Advised the creditor of different corporate reorganization and liquidation processes in order to ensure the recognition and compliance with the obligations owed to C.I Acepalma by companies immersed in bankruptcy proceedings. Presentation of requests for recognition of credits, presentation of objections, attendance to hearings, negotiation of the terms of the reorganization agreement. Currently.
- Advised the creditor in the process of intervention of the Cooperativa de Caficultores de Andes, which is currently in the process of compulsory administrative liquidation. Responsible for the presentation of the loan, negotiation of the terms of the payment agreement and execution of the guarantees constituted in order to materialize compliance with the obligations owed.
- Advised Alvarez & Marsal as joint administrators for NMC Health Plc, the largest private healthcare company in the UAE. In April 2020, NMC was placed into administration by the UK High Court. Our headline role on the matter as lead legal advisers to A&M has required us to advise on corporate and debt restructuring, distressed asset sales, data protection, investigations, litigation and employment issues. This is one of the largest and most high-profile global insolvencies of the Covid era and has involved over 100 DLA Piper lawyers across Europe, Africa, Middle East and North America . We also sought and obtained Chapter 15 Recognition of the UK administration in a Delaware Court and obtained what is believed to be the first recognition of a UK administration in the Abu Dhabi Global Market (ADGM).
- Advised Alvarez and Marsal as the joint liquidators of Joannou & Paraskevaides (Overseas) Limited. This involved leading a multi-jurisdictional team covering Saudi Arabia, Jordan, Oman, Qatar, the UAE and Switzerland in connection with a multitude of asset and corporate disposals, a large scale records identification and recovery exercise as part of an extensive multi jurisdiction investigation, recovery action to secure and/or pursue recovery of value for the Company with combined value estimated to run to in excess of USD100 million, enforcement and recognition proceedings across multiple jurisdictions as well as humanitarian issues arising from the companies having over 20,000 employees on the ground in the Middle East.
- Engaged in relation to the insolvency of OW Bunker and Dynamic Oil Trading group companies in the Middle East and multi-jurisdictional insolvency advice covering the group’s operations in the Middle East as well as Brazil, China, Colombia, India, Japan, Korea and Russia. This constituted the first creditors liquidations of insolvent companies registered in the DMCC Free Zone and involved multinational advice in relation to one of the most significant international insolvencies.
- Advised on the complex corporate restructuring of the Riyadh Waste Management System and the 20-year concession, one of the largest of its kind in this sector in Saudi Arabia.
- Advised the CoCom established by the Commercial Court in Dammam, Saudi Arabia presiding over the bankruptcy procedures, in relation to negotiating the financial reorganization proposal (“FRP”) prepared by AHAB in consultation with the bankruptcy trustee for submission to the Commercial Court for ratification and to be approved by vote of the creditors of AHAB. The FRP comprises a complex proposal for the contribution of assets ranging from listed shares and operating companies to real estate holdings, for ultimate distribution to creditors. The FRP presents important (and often novel) issues of Saudi bankruptcy law and given the magnitude and notoriety of the AHAB insolvency, is likely to be viewed as an important precedent in many respects for the viability of financial reorganization procedures under the Bankruptcy Law.
