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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 with access to partners who focus in areas which often prove pivotal in distressed situations. For instance, 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?

Global reach

We have expertise around the globe in formal restructurings and informal workouts. We offer commercial and practical advice on a full range of contentious and non-contentious issues encountered in insolvencies. We concentrate on complex multi-jurisdictional restructurings and insolvencies with dedicated resources in key European jurisdictions, the Middle East, Americas, Asia, and in emerging markets. In recent times we have been involved in advising on some of the most important restructurings and insolvencies taking place globally.   

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; workouts; 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. buyouts, M&A, new equity investment, etc.); structured receiverships; corporate restructurings avoiding formal insolvency procedures (e.g. 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.

R&I Global Briefings and Insights

Explore our global R&I insights, news and people updates from across our network

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Latest news

Global law firm Clifford Chance has hired partners David Schultz and Matthew Hinker, further strengthening its Private Equity and Restructuring & Insolvency practices. They join from O'Melveny.

Hinker, a restructuring and insolvency partner, focuses his practice on complex Chapter 11 bankruptcy proceedings representing debtors, creditors, purchasers, lenders and other parties-in-interest in Chapter 11 reorganizations, out-of-court restructurings, and bankruptcy litigation. His experience spans several sectors such as retail, restaurant, hospitality, energy, and manufacturing.

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Clifford Chance further strengthens its European Restructuring & Insolvency practice

Clifford Chance further expands its global Restructuring & Insolvency law practice with the hire of another leading and highly experienced partner in Germany: Kolja von Bismarck will join the partnership with effect from 1 October 2024.

Alongside colleagues Andreas Steiger and Patrick Schulz, who joined Clifford Chance on 1 June 2024, Kolja von Bismarck and his well-established team will take on both German and cross-border restructuring mandates from Munich.

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Clifford Chance expands its restructuring capability in Europe

Clifford Chance hires two market leading and highly experienced partners in Germany: Patrick Schulz and Andreas Steiger. The hire of these two top tier restructuring partners will strengthen the Restructuring & Insolvency team in Germany, led by Managing Partner Stefan Sax, and further enhance Clifford Chance's global capabilities in this area.

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Clifford Chance grows Restructuring & Insolvency practice in the Americas

Clifford Chance has hired US partners Brian J. Lohan and Maja Zerjal Fink, further strengthening its global Restructuring and Insolvency team in New York. Their practice covers all aspects of corporate reorganizations, distressed situations and bankruptcy and insolvency proceedings for US domestic and international clients.

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Premium Content

Cross Border Guides

Designed for business users, our Cross Border Guides offer a concise and practical overview of the key legal and market developments in jurisdictions around the world. Our clear guidance helps you assess the key issues and focus on what you do best: create a successful deal.

  • Cross Border Financing
    Guide

    Accessing information critical to the proper structuring of a cross border transaction is essential to the success of a deal. The Cross Border Financing Guide gives you online access to the information that can make or break your deal.

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  • Debt Restructurings
    Guide

    The Debt Restructurings Guide provides an overview of the key issues to be considered in restructurings. It sets out the restructuring options available in key jurisdictions including pre-packaged solutions, court supervised schemes, and restructuring plans.

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  • Cross Border Merger Control
    Guide

    The Cross Border Merger Control Guide gives you a practical aid to multi-jurisdictional merger control, foreign investment and national security reviews.

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Asia Pacific Restructuring and Insolvency Guide

Guide to Asia Pacific restructuring and insolvency procedures

We are pleased to present the third edition of our guide to restructuring and insolvency laws and procedures across key jurisdictions in the Asia Pacific region. This updated guide provides an overview of each jurisdiction’s applicable laws and regulations on key areas of concern, with chapters covering Australia, Mainland China, Hong Kong SAR, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.

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R&I Insights

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Upcoming Perspectives Series Talks

Purdue Pharma – seismic shift or small tremor?

12 November 2024
Webinar starts: 8am EST / 1pm GMT / 2pm CET / 9pm HKT
Webinar ends: 9am EST / 2pm GMT / 3pm CET / 10pm HKT

In this session we will examine what the Purdue case really means for the ongoing viability of Chapter 11 as a restructuring process of choice and whether it will now lead US and other investors to place greater reliance on the established restructuring tools and procedures available in the UK and across the EU.

 Find out more
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Hybrid capital solutions podcast

Tune in for a discussion among Clifford Chance partners Neil Evans, Matt Dunn and Melissa Coakley about hybrid capital solutions, in particular preferred equity and Holdco debt, and what is driving their popularity among issuers and investors.

 Listen here
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Financial markets toolkit

Access the Clifford Chance Financial Markets Toolkit for a 24/7 online resource that gives you the cutting-edge knowledge you need for your financial markets business. Aimed at all professionals working across the global financial markets, the Toolkit comprises a collection of publications, guides and transaction tools from across our network. It has been designed to be compatible with smart phones and tablets and its resources are available to you on demand, whenever you need them.

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Recent Client Highlights

  • Aggregate. Advised a leading European investment manager and core creditor in relation to the €1.2 billion restructuring of Project Fürst, a landmark construction project in Europe. This complex multi-jurisdictional transaction involved the laws of the UK, Luxembourg, Germany and the Netherlands and an implementation involving a COMI shift to England and use of the part 26A restructuring plan.
  • Bio City. Advised the Bio City Development Company, a healthcare and research infrastructure developer, in relation to a proposed acquisition of equity and redemption of outstanding debt implemented via a change of law from English to Dutch and a ground-breaking Dutch WHOA.
  • Calon Energy (Baglan). Advised the Official Receiver and Special Managers of Baglan Power Station. TRI Company Award for Business Continuity – TRI Awards 2022.
  • Eskom. A group of lenders on the corporate reorganisation of Eskom, South Africa’s electricity public utility.
  • Eroski. Advised Eroski on the restructuring of its €1.2bn financial indebtedness (Eroski is a highly prominent Spanish supermarket chain with over 1000 retail outlets in Spain). The restructuring was implemented through the issuance of Eroski’s first ever High Yield Bond under US law, and the simultaneous execution of several financing agreements (TLA, bridge financing, working capital facilities, ICO backed loans) under both Spanish and English law.
  • Evergrande. Acting for the Hong Kong liquidators of Evergrande, the second largest Chinese property developer.
  • gategroup. Advised gategroup Holding AG on the restructuring of its senior and mezzanine facilities by way of a UK Part 26A restructuring plan and utilising an innovative and specially incorporated "deed poll company. The restructuring was implemented via the first part 26A restructuring plan to successfully argue its status as an insolvency proceeding for the purpose of international recognition.
  • 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.
  • JBF RAK. Advised certain of the senior secured creditors to the JBF Group on the UAE’s first debt-for-equity swap implemented under the onshore Bankruptcy Law. The court-sanctioned restructuring plan is also the first to successfully cram down dissenting secured creditors.
  • Leoni. Advised the investor Mr Pierer and the Pierer Group on the restructuring of LEONI Group, the first restructuring of this magnitude which was implemented on the basis of the StaRUG in Germany.
  • Link Fund Solutions Ltd. Advised Link Fund Solutions Ltd, the authorised corporate director of c.£90bn of UCITS funds, in relation to a Financial Conduct Authority investigation and its high profile contested consumer redress scheme. Implemented via an FCA supported scheme of arrangement.
  • 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. 
  • 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. Deal of the Year, Airline Economics Deal of the Year Awards 2021.
  • Matalan. Advised UK retailer Matalan in the highest profile UK restructuring of 2022. Acted on its comprehensive recapitalization involving debt to equity swap, pre-packaged administration, refinancing and new money injection.
  • Nordic Aviation Capital. Advised NAC, the world’s largest regional aircraft lessor, on the successful restructuring of approximately $6bn of its secured and unsecured debt implemented via an Irish law Scheme of Arrangement and on its subsequent restructuring by way of US Chapter 11.
  • NMC Healthcare. Advised the Ad Hoc Creditors' Committee of NMC Healthcare on its ground-breaking $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.
  • Orpea. Advised an ad hoc committee of Taiwanese banks who are Schuldshein lenders to Orpea, French care home giant, restructuring via sauvegarde proceedings.
  • 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.
  • Pierre et Vacances. Advised on the acquisition by Atream, Fidera and Alcentra and €1.5bn debt restructuring of the French tourism group, implemented via sauvegarde proceedings.
  • Silicon Valley Bank. Advised HSBC on the emergency first of its kind acquisition of SVB UK, brokered by the Bank of England and the UK Government pursuant to powers under the Banking Act 2009.
  • 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.
  • The Learning Network. Advised the Lenders on the financial restructuring and ultimate distressed sale by way of Dutch pledge enforcement of The Learning Network Group from TowerBrook Capital Partners to Hans van der Wind (ex-owner, current board member and minority shareholder) and Intersaction.
  • Vroon. Advised certain senior lenders to Vroon, a prominent Dutch shipping group, in relation to the group’s cross border restructuring process, including via a parallel Dutch WHOA and an English scheme of arrangement. Restructuring Deal of the Year – IFLR Europe Awards 2024.
  • Webuild. Advised global construction group Webuild on the successful restructure and acquisition of Australian engineering and construction company Clough Group through a deed of company arrangement. The transaction represents the largest successful trade-on and turnaround of a construction group through voluntary administration in Australian history.

“ Clifford Chance is very technical with robust business understanding. The lawyers go into detail while being straight to the point when it comes to major issues. The team is client-oriented with a high sense of excellence. ”

Band One – Chambers Global 2024 – Restructuring & Insolvency

“ Clifford Chance works on the most complex and unique restructurings. The team is relentless and systematically able to adapt to every setback. ”

Band One – Chambers UK 2025 – Restructuring and Insolvency

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