Bankruptcy and Financial Restructuring - Europe and Emerging Markets

Chadbourne & Parke’s European and Emerging Markets team, which is resident in the Firm’s London, Moscow and Warsaw offices, is an integral part of the firm’s international Bankruptcy and Financial Restructuring practice. The team represents many of the largest institutional investors in the distressed asset class, and is recognised as a leader in preserving and creating value for creditors in both out-of-court and judicial restructurings of large U.S. and international companies. Our clients include banks, hedge funds, broker/dealer and proprietary trading desks of investment banks and their special situations groups. The majority of our engagements are international in nature and members of the team are experienced in dealing with restructurings and insolvency issues generally, on a cross-border basis in Europe and, increasingly, in emerging markets.

Given our international relationships within the financial community and our use of innovative techniques in structuring and implementing transactions, we also create value for parties interested in acquiring or selling financially distressed companies or assets.

Examples of some of the transactions in which our lawyers have been involved are as follows:

• Representation of a number of hedge funds in relation to issues arising out of the Administration of Lehman Brothers International (Europe).
• Representation of a U.S. investment bank as collateral agent for a syndicate of 11 European banks in the restructuring, prospective management buyout and finally, a workout in nine jurisdictions in Europe of a pan-European telecommunications group.
• Representation of two U.S. financial institutions as joint collateral agents for a syndicate of European banks in the insolvency of a U.S./European telecommunications group involving a workout in eight European jurisdictions.
• Representation of the largest public debt holder in the restructuring of a Luxembourg-based international chemicals group.
• Representation of the ad hoc committee of bondholders in the restructuring of a Luxembourg-based global telecommunications investor.
• Representation of a UK insurer in connection with a European property investment fund and issues concerning the Chapter 11 filing by members of the Global Crossing group of companies.
• Representation of the ad hoc committee of bondholders in the proposed restructuring of an Italian-based international food group.
• Representation of the ad hoc committee of B noteholders in the restructuring of Welcome Break Finance plc.
• Representation of the Operating Adviser in the restructuring of a £531 million securitization of a 32-hotel portfolio.
• Representation of a group of subordinated creditors in the highly contested restructuring of Queens Moat Houses group.
• Representation of a Latin American bank in respect of counterparty risk arising from various swap transactions.
• Representation of Carlton Screen Advertising Limited in its financial restructuring.
• Representation of senior creditors in the restructuring of structured investment vehicles, Golden Key, Mainsail and Axon Financial.
• Representation of a fixed income fund in relation to the financial restructuring of a major Spanish real estate developer.
• Representation of a syndicate of five Polish banks in the financial restructuring of Poland’s largest producer of steel sheet for the shipbuilding industry.
• Representation of a Warsaw-based car manufacturer in connection with its debt restructuring and court composition proceedings in Poland.
• Representation of Dresdner Kleinwort Wasserstein in the Chapter 11 case filed in Texas in 2005 by the largest producer of oil in Russia.