Mayer Brown transaction recognised as “Cross Border Restructuring Deal of the Year” by International M&A Awards 2015
6 May 2015
London - Leading global law firm Mayer Brown advised on the restructuring and sale of ATP Oil & Gas (UK) Limited, which was named Cross Border Restructuring Deal of the Year at the 7th annual International M&A Awards 2015 on 28 April. The awards recognize the leading cross border transactions, restructurings, deal financings, products and services, firms, and dealmakers from around the world.
The US$1.2 billion restructuring and sale of ATP Oil & Gas UK was a lengthy and complex transaction. ATP UK's parent company, ATP Oil & Gas Corporation, went through a Chapter 11 insolvency process in the United States. As part of the bankruptcy proceedings, the sale of the UK subsidiary was approved by the US Bankruptcy Court in December 2013.
The transaction itself was implemented through the sale of the shares of ATP UK combined with a company voluntary arrangement (CVA), with a sale value of $133 million. The CVA, which is designed to compromise legacy unsecured liabilities of $1.2 billion, was approved by creditors and shareholders in January 2014. The transaction was completed in February 2014.
Mayer Brown worked alongside financial advisors Deliotte, as well as Ernst & Young, as supervisors of the CVA, in the complicated process.
The Mayer Brown team was led by Corporate & Securities partner Rob Hamill and co-head of the Restructuring, Bankruptcy and Insolvency group in London Devi Shah. They were assisted by Corporate & Securities senior associate Beccy Bothamley and associate Jonny Musker; Restructuring, Bankruptcy and Insolvency of Counsel Alex Wood, senior associates Jessica Walker and Ronan McNabb and associate Henry Glen (all London). Corporate & Securities partner Bob Gray and Restructuring, Bankruptcy & Insolvency partner Charles Kelley (both Houston) and Restructuring, Bankruptcy and Insolvency associate Christine Walsh (New York) led on US matters including the Bankruptcy Court approval process.