Overview

Mayer Brown’s Restructuring, Bankruptcy & Insolvency practice has lawyers operating in jurisdictions across the Americas, Asia and Europe which means we are able to provide comprehensive assistance to clients around the world. We represent corporate debtors, company directors, lenders (throughout the capital structure), bondholders, liquidators, receivers, administrators, trustees, debtor-in-possession (DIP) loan providers, insurers, pension fund trustees, special servicers, and landlords on all aspects of restructuring, bankruptcy and insolvency.

Our experience in a broad array of industries allows us to quickly identify the proper context for the business and legal issues that can arise during the course of an out-of-court restructuring or in-court insolvency proceeding. This experience extends to such diverse industries as airlines, automotive, construction, energy/natural resources, financial services, gaming/gambling, health care, hospitality, manufacturing, real estate, retail, structured finance, telecommunications and transportation.

We also have extensive experience in cross-border and formal insolvencies, working closely with colleagues in other regional offices on multi-jurisdictional matters. As a result, our lawyers continue to play an increasingly active role in a growing number of cross-border restructurings and insolvency proceedings.

Moreover, we offer an integrated, multidisciplinary team that draws on our firm’s globally lauded banking and finance, litigation, regulatory, insurance, pensions, securitization, structured finance, derivatives, employment, real estate, ERISA and tax lawyers, worldwide. We are able to provide our clients with comprehensive and innovative solutions which serve their business needs.

Praxis

  • Ideal Standard Group. Advising Wilmington Trust (London) Limited as security agent in relation to the acquisition of the Ideal Standard group, a multinational bathroom furniture and accessories manufacturer, by funds Anchorage and CVC. The deal involved 23 jurisdictions and the use of a novel acquisition process under Luxembourg restructuring laws.
  • European satellite company. Advising Wilmington Trust (London) Limited as security agent in relation to enforcement activity in connection with financing provided to a European satellite television, internet and mobile operator.
  • Odebrecht Oil & Gas. Advising HSBC Bank, N.A. and HSBC Bank plc in their respective capacities as trustee and offshore accounts bank in the extrajudicial reorganization proceedings in Brazil and Chapter 15 recognition proceedings in the US of Odebrecht Oil & Gas and its subsidiaries and affiliates, which resulted in the successful restructuring and mandatory exchange of more than $2.5 billion of secured notes.
  • ATU sale. Advising US Bank Trustees Limited as security trustee in respect of the sale of the German tire retail and fast fit chain Auto-Teile-Unger (ATU) group to Mobivia Groupe. The sale was preceded by a restructuring of ATU group’s debt, including a US$237 million facility agreement and €109 million of notes, with security granted in nine separate jurisdictions, and involved the appointment of partners at FTI Consulting as provisional liquidators in the Cayman Islands.
  • Lehman Brothers. We represent numerous clients in connection with multi-jurisdictional disputes and issues as a result of the Lehman Brothers bankruptcy.
  • In Asia we act for the liquidators of all of Lehman's Hong Kong entities on all aspects of their administration. We are advising on asset recoveries relating to pre-liquidation transactions involving assets valued in excess of US$10 billion; trust asset claims and disputes; and negotiation of settlements with specific jurisdiction-based groups of Lehman Brothers entities.
  • In Europe we represent KPMG, as liquidators of certain Lehman Brothers companies in Asia, in connection with the insolvency of Lehman Brothers Bankhaus AG in Germany, as well as advising on possible claims for compensation against the Deposit Protection Fund of the Association of German Banks.
  • In the UK we are advising KPMG as liquidators on all aspects of the liquidation, and in particular with regard to a dispute between our clients, along with certain other affiliates in the Lehman Brothers group, and Lehman Brothers International Europe ("LBIE") concerning the ownership of certain securities which are held by LBIE in its various depots and their claims against LBIE, including in relation to the proof process.
  • In the United States we represent over fifty clients in relation to the bankruptcy of Lehman Brothers Holding Inc. and its subsidiaries including the acceleration, termination and liquidation of thousands of swaps, securities contracts and other derivative contracts and asserting client claims in both the bankruptcy and regulatory proceedings.
  • GMAC and ResCap. We represented GMAC LLC and Residential Capital LLC in a US$60 billion restructuring, which consisted of dozens of interrelated and complex transactions and involved more than 50 institutions worldwide and partners from five Mayer Brown offices in the US and Europe.
  • SIV Restructurings and Receiverships. We represented financial institutions, creditors, other stakeholders and insolvency practitioners on the restructuring and receivership of SIVs, distressed warehousing vehicles and other structured vehicles (including RMBS and CMBS vehicles). Our work includes advising: the receivers of Golden Key Ltd.; a secured creditor in relation to its interest in the receivership proceedings of Sigma Finance Corporation; a senior secured creditor in the receivership and restructuring of Whistlejacket Capital Ltd.; liquidity providers to Cheyne Finance Plc in its restructuring (the first of this kind to be completed); and the independent directors of K2 Corporation.
  • Nortel Networks, Inc. We represent The Boards of Directors of the Asian, Caribbean and Latin American affiliates of Nortel Networks Corporation in connection with the Chapter 11 filings of Nortel Networks Inc., and its various US subsidiaries. In conjunction with the Chapter 11 filing, we also advise Nortel Asian entities in regard to their involvement in an "Asia Restructuring Agreement" being promoted by Nortel Networks US and Nortel Networks Corp Canada in the "Canadian Creditors Arrangement."
  • Kaupthing Bank Luxembourg. We represented the Rowland family in relation to the “good bank/bad bank” restructuring of Kaupthing Bank Luxembourg.
  • Thai Petrochemical Industry. We acted throughout the restructuring of Thai Petrochemical Industry Public Company Ltd. (TPI) for a Committee of Creditors which represented 140 banks, export credit agencies and a supranational lender. The transaction is Thailand's largest and, at eight years, longest-running debt restructuring case.
  • Adelphia. We represented the Bank of Montreal, as the administrative agent, under $20 billion credit facility in connection with Chapter 11 proceeding involving Adelphia and its affiliates.
  • Arcandor AG, Karstadt Warenhaus GmbH, Quelle GmbH. We represent Arcandor AG, Karstadt Warenhaus GmbH, Quelle GmbH as elected members of the creditors’ committee and as administrators of a supplier pool in Germany’s biggest insolvency proceedings.
  • Bio-Treat Technology. We represented a committee of bondholders in relation to default obligations owed to them by Bio-Treat Technology Limited, involving the negotiated restructure of Bio-Treat bonds and settlement of issues in dispute between Bio-Treat and bondholders arising from Bio-Treat default.
  • Commercial Real Estate. We represented Bank of America in its bulk loan sale, pursuant to a bid process, involving over 160 potential bidders, of 31 commercial real estate loans with an aggregate principal balance of almost $1 billion.
  • Controladora Comercial Mexicana. We represent Barclays Bank PLC in ongoing litigation and restructuring negotiations with Controladora Comercial Mexicana S.A.B de C.V. (“CCM”), the largest supermarket chain in Mexico, and Vitro Envases Norteamerica (“Vitro”), the largest Mexican glass manufacturer. The International Financial Law Review named CCM the 2011 Restructuring Deal of the Year.
  • Dubai Economic Council. We advised the Dubai Economic Council on the new insolvency law for Dubai and the United Arab Emirates.
  • European Telecommunications Company. We represented a large European telecommunications entity in its Chapter 11 proceeding, which was conducted with a concurrent insolvency proceeding in the Netherlands. In this complex proceeding, over €10 billion of indebtedness was converted to equity.
  • Ideal Standard. We represented the security agent on the multi-jurisdictional restructuring of the Ideal Standard group of companies.
  • Lyondell Chemical Company. We represent Merrill Lynch Pierce Fenner & Smith, Inc. and Merrill Lynch Capital Corporation in their respective capacities as administrative agent and arranger for a syndicate of leading financial institutions on an $8 billion “second/ third-lien” merger financing in the Lyondell Chemical Company Chapter 11 proceedings.
  • MGM Mirage. We represent Bank of America , as administrative agent, under the MGM Mirage $7 billion unsecured bank credit facility. In addition to bank debt, MGM Mirage has approximately $8 billion of bond debt.
  • Moulin Global Eyecare Holdings. We represented Ferrier Hodgson, the provisional liquidators/liquidators, of Moulin Global Eyecare Holdings Limited (which has been reported to be the second largest corporate failure in Hong Kong’s history) on a number of cross-border issues across the United States and its Asian distribution network, as well as advising on structuring the transaction.
  • Principal Hayley Hotel Group. We represent the board and borrowing companies of the Principal Hayley hotel group in relation to the £400 million restructuring of the group.
  • Vinashin Shipbuilding Industry Group. We are acting on behalf of Vinashin Shipbuilding Industry Group, including a full business and financial review and legal due diligence on the Vinashin Group with a view to a comprehensive restructuring of the Group's operations and both foreign and domestic debt.
  • WEPA Papierfabrik P. Krengel GmbH & Co. KG. We represented WEPA Papierfabrik P. Krengel GmbH & Co. KG. in connection with the acquisition of its Italian competitor Kartogroup S.p.A., Carraia/ Capannori; WEPA acquired Kartogroup, including its subsidiaries in France and Germany, in a multijurisdictional distressed M&A transaction through Italian insolvency proceedings.

Auszeichnungen

IFLR1000 2019

  • Ranked Tier 1 for Restructuring and Insolvency – Hong Kong
  • Ranked for Restructuring and Insolvency – Thailand
  • Ranked for Restructuring and Insolvency – United States
  • “Mayer Brown specialises in highly complex cross-border restructuring matters involving significant amount of capital, across multiple jurisdictions and numerous stakeholders. John Marsden and Tom Pugh are leaders in the restructuring field and provide exceptional service, they are always accessible and available. They listen first and talk second. This combined with superior technical and communication skills make them a stand out in the market. They work together as a team, are very pragmatic, have cool heads under pressure, excellent stakeholder management skills, and great working style.”
  • “Strong firm with a deep bench of experienced practitioners. It has the international network necessary to be effective in this region.”
  • "I have worked with Mayer Brown for the past two years in Hong Kong with the same team. I am very satisfied with the overall level of service."
  • "The firm has professionalism and expertise."
  • "It has strong commercial and technical ability, and appears to have an excellent culture within the restructuring team with John Marsden and Tom Pugh presenting a strong line up."

Global M&A Network’s Annual Turnaround Atlas Awards, 2019

  • Advised on Health Care Services Restructuring Deal of the Year – ProCure Proton Therapy Center restructuring and refinance. We represented BNP Paribas Fortis Bank S.A./N.V., as agent on behalf of four overlapping but different syndicates of lenders, in connection with the restructuring/refinancing/exit of several secured loans for cancer treatment centers across the U.S. in the original aggregate principal amount of approximately $500 million, including innovative use of the municipal bond market to facilitate exit financing (both out-of-court and in connection with a prepackaged chapter 11) and, separately, through a highly contested section 363 bankruptcy sale process.
  • Advised on Turnaround of the Year – Large – Mega Markets – Oi S.A judicial restructuring. We represented Bank of New York Mellon, as trustee, for the notes Oi Group has issued in the international financial markets in connection with Oi Group judicial reorganization case.

Chambers USA 2018

  • Ranked for Bankruptcy/Restructuring 

IFLR1000 2018

  • Ranked Tier 1 for Restructuring and Insolvency – Hong Kong
  • Ranked for Restructuring and Insolvency – Thailand
  • Ranked for Restructuring and Insolvency – United States

Legal 500 USA 2018

  • Ranked for Restructuring (including bankruptcy)

US News/Best Lawyers “Best Law Firms” 2018 First-tier Rankings

  • National – Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
  • Chicago – Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law

Asia Legal Awards 2017

  • Advised on Finance Deal of the Year: Restructuring & Insolvency – the US$1.5 billion cross-border restructuring of the Pacific Andes group. We advised Malaysia’s Maybank, one of the primary bank creditors, on its negotiations with Pacific Andes and other creditors and as to its security and enforcement options, with a view to recovery of its loans.

Chambers USA 2017

  • Ranked for Bankruptcy/Restructuring

IFLR Asia Awards 2017

  • Named Restructuring Team of the Year.
  • Advised on Restructuring Deal of the Year – Kaisa Group's restructuring. We represented the two largest and only offshore bilateral financial creditors to Kaisa Group, a Hong Kong-listed PRC property developer which defaulted on its offshore debt.

Legal 500 USA 2017

  • Ranked for Corporate restructuring (including bankruptcy)

US News/Best Lawyers “Best Law Firms” 2017 First-tier Rankings

  • National – Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
  • Chicago – Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
  • New York – Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law

Chambers USA 2016

  • Ranked for Bankruptcy/Restructuring in Illinois
  • "They're very active in this space - they stay on top of things, keep us informed and fully understand our internal needs."

IFLR1000 2016

  • Ranked for Restructuring and Insolvency

Legal 500 USA 2016

  • Ranked for Corporate restructuring (including bankruptcy)

Chambers Global 2015

  • Ranked for Bankruptcy/Restructuring.

Chambers USA 2015

  • “Everyone has been very available and highly knowledgeable, and the advice we get is always spot on. They've become very familiar with how we view various risks in the market and tailor their advice accordingly.”
  • “They provide very succinct guidance and are really good about standing by their position. They are not afraid to write a memo to explain the legal risks, ramifications and our position, which we can use as a reference.”
  • “They are very responsive, extremely knowledgeable and know how to operate within a large syndicated bank group environment and manage crowd control.”
  • Ranked for Bankruptcy/Restructuring in Illinois.

IFLR 2015

  • "Mayer Brown's 'fully involved and accessible lawyers' and 'comprehensive geographical footprint' draws glowing praise – 'this firm adds value on a deal.'"
  • Ranked for Restructuring and Insolvency.

Legal 500 USA 2015

  • Ranked Tier 4 for Corporate restructuring (including bankruptcy).

Chambers USA 2014

  • "They are very strong on technical restructuring matters and have a great business sense."
  • "The group have skill in identifying the legal issues and their client's goal - they listen to the client and know how to achieve results."

Chambers USA 2013

  • "At all levels of the firm, the depth of knowledge is superior and the service unfailingly professional and efficient. The firm has experience across a multitude of industries and diverse legal disciplines for comprehensive advice."
  • Mayer Brown is consistently recognized for its superior work on matters and is consistently ranked among the world’s best practices by legal directories and other third parties. Some accolades include:

Asian Legal Business Awards

  • Insolvency & Restructuring Law Firm of the Year — 2002, 2003, 2005, 2006, 2009 and 2011-2013.

The Asset Triple A Regional Awards

  • Best Restructuring Law Firm, Asia — 2013

Legal Business Awards

  • Restructuring Team of the Year 2011 "Highly Commended" honors for our work advising the receivers of Golden Key, considered to be one of the most complex SIV restructurings.

IFLR Restructuring Deal of the Year 2011

  • Advised on the IFLR Restructuring Deal of the Year 2011 – the restructuring of Controladora Comercial Mexicana, S.A. de C.V. (CCM), arising from CCM's liability under currency exchange derivatives contracts. We represented Barclays Capital in connection with the bankruptcy filing.

IFLR Europe Awards shortlisted Restructuring Deal of the Year 2011

  • Advised on the IFLR Europe Awards shortlisted Restructuring Deal of the Year 2011 – the complex cross-border restructuring of the Almatis Group. We advised Wilmington Trust in relation to the restructuring of the leveraged finance facilities of the Group.

Chambers Asia Pacific 2008, 2011-2013, The Legal 500 Asia Pacific 2008, 2011-2014 and IFLR1000 2007-2014

  • All ranked the Hong Kong restructuring team in Band 1. IFLR1000 2013 recognises our Asian team “for its capacity to handle cross-border and multi-jurisdictional restructuring and insolvency matters.”

Chambers UK 2011 and 2012

  • Chambers UK recognized our group for Commercial Awareness and Chambers UK 2011 notes that the team is "consistently excellent" and that clients give "ten out of ten for responsiveness and coverage."

The Lawyer’s "Top 20 Cases of 2012"

  • Advising on one of The Lawyer’s "Top 20 Cases of 2012" – New Cap Reinsurance Corporation and another (Respondent) v A E Grant and others (Appellants).