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As a direct response to the turbulent market conditions and events over the past 12 days, leading international law firm Mayer Brown has launched a Financial Institutions Response Unit in London which includes selected lawyers experienced in complex financial transactions, restructuring, employment, pensions, tax, real estate, regulatory matters and banking litigation. The taskforce is on hand to assist the industry with current concerns and has set up a dedicated telephone number to prioritise response.

In addition, Mayer Brown will broadcast regular free webinars on topics of current concern. The webinars will cover issues affecting financial institutions and related organisations from a practical perspective including dealing with distressed assets, regulatory matters and workforce pressures.

Dominic Griffiths, finance partner at Mayer Brown who is leading the response unit in London, said: “This is an innovative response to the current market distress. We have a vast amount of experience in complex financial transactions and have pulled together a dedicated team of specialist lawyers to offer emergency assistance.”

Sean Connolly, Mayer Brown’s London Senior Partner said: “The market turmoil is giving rise to a number of concerns for our clients. We understand the issues they are facing and are doing all we can to assist them.”

This new initiative forms part of our existing Special Situations group which was set up in late 2007 to respond to the changing market conditions at that time and includes lawyers in all key financial centres including New York and Hong Kong. The scope has been expanded to reflect our clients’ changing concerns.

Mayer Brown has always prided itself as being a market innovator, working closely with regulators, financial institutions and industry bodies in creating new markets and stabilising existing ones. Current work includes:
  • Lawyers are currently advising the joint receivers of Golden Key Ltd. (in receivership), a Structured Investment Vehicle (SIV). This is the most recent in a string of instructions for Mayer Brown in relation to the establishment and restructuring of SIVs. These include Carrera Capital Finance Limited, Rhinebridge PLC, Cheyne Finance PLC and the Master-Liquidity Enhancement Conduit (MLEC), among others. Mayer Brown is also advising a senior creditor who sits on the senior creditors’ committee of Whistlejacket.
  • Partners from five offices of Mayer Brown represented global diversified financial services company GMAC LLC and its wholly owned subsidiary, Residential Capital LLC, in one of the largest global restructuring and refinancing projects ever completed. The $60 billion refinancing consisted of dozens of interrelated and complex transactions and involved more than 50 institutions worldwide.
  • Building on the global experience of its lawyers in working with covered bond issuers, Mayer Brown has advised ABN AMRO, as arranger for CIBC, on the establishment of an €8 billion Global Public Sector Covered Bond Program. This is the first transaction featuring mortgage loans guaranteed by the Canadian Mortgage and Housing Corporation.
  • The firm has advised Eurolease Auto in relation to a €200 million securitisation of leasing receivables, a first of its kind transaction in Bulgaria. Eurolease is part of the major Bulgarian finance conglomerate Eurohold Bulgaria, which is listed on the Sofia Stock Exchange.
  • Our litigators have been advising on increased regulatory intervention from the US and the associated investigations and exposures, including early attention to risk management in the aftermath of commercial losses.
  • Mayer Brown is also acting on a number of corporate restructurings including acting for borrowers, lenders, bond holders and pension trustees.

The dedicated Financial Institutions Response Unit telephone number is 020 7782 8242.