Fieldfisher has a strong and experienced non-contentious insolvency and restructuring team. We deal with all aspects of restructuring and insolvency, from the beginning of the distress curve through to formal insolvency procedures. Involving us at an early stage will utilise our experience in dealing with issues such as debt, pensions, increased overheads and costs, and cash flow, to restructure the business and facilitate the success of the company or group.
If, for whatever reason, a successful restructuring is not possible then we will work with insolvency practitioners, secured creditors, investors and corporates to achieve an insolvency process with the best chance of a successful and positive outcome. We have specialists in real estate, pensions, finance and employment, all of whom understand the drivers for a corporate facing financial issues, and for insolvency practitioners themselves. We advise on the most appropriate insolvency regime to use in the circumstances, and work with the insolvency practitioner to realise the assets, and deal with all issues arising in respect of the insolvency. We work closely with shareholders through debt refinancing/restructuring, equity injections, and disposals, whether this is through an insolvency process or otherwise.
Fieldfisher has excellent relationships with the restructuring and insolvency specialists at all the leading accountancy firms, and also advises many secured lenders.
- Representing Plastipak Holdings, a US packaging company in the acquisition of the PET Division of La Seda de Barcelona (“LSB”), a Spanish listed company which, together with its European subsidiaries had filed for Insolvency at Barcelona Commercial Courts. The acquisition, for an amount of €230 million involved assets in 12 different jurisdictions. We advised the client within the bidding proceeding at the Court, as well as during the discussions carried out with LSB’s Insolvency Administrator regarding the Asset Purchase Agreement and defining the best corporate and tax structure to implement the cross-border acquisition bearing in mind there were assets outside the European Union.
- Acted on the restructuring and subsequent administration of the Circle Oil Group of companies. This involved a COMI shift to the UK and the restructuring of $50 million secured debt. Fieldfisher advised the companies and the administrators in respect of assets and debts spread across the UK, Morocco and Egypt, dealing with oil and gas exploration licences with the governments of those countries.
- Acted for the administrators of Redx Pharma Plc, an AIM listed pharma company, in a ground-breaking corporate rescue in which Redx was returned from administration to the control of its directors and its shares were re-listed on AIM. Redx operated in the highly specialised pharmaceuticals sector and traded whilst in administration, raising a number of complex issues which were highly unusual in the context of an administration. Eventually the joint administrators sold patents to a US pharmaceuticals company for US$40 million enabling the rescue.
- Acted for the successful buyer of the business of Dutch drone company from its liquidator. The liquidator used a novel bidding method, requiring all bidders to state the minimum they would bid, which could then increase once further due diligence had been completed. The engagement required significant advice on the potential risks associated with the proposed purchase.
- Acting for the administrators of various development companies across the North West to develop out the properties to achieve the best outcome for creditors and also investigate possible fraud. The debts of each company are approximately £15 million, with many creditors having paid the whole amount of the consideration for off-plan apartments up front. Fieldfisher advised on creative ways to get agreement on various issues from a disparate and globally spread group of creditors.
- Working with a well-known high street retailer on its restructuring through a debt and equity placing.
- Advising the administrators of five biogas companies in the south east. Innovative ways had to be found to make the administration appointments over the various companies as the secured creditor did not have security from each company, and the directors and shareholders were hostile. This case involved dealing with complex planning issues, local opposition, and huge environmental problems.