Clifford Chance

Recent client highlights

• Aggregate. Advised a leading European investment manager and core creditor in relation to the €1.2 billion restructuring of Project Fürst, a landmark construction project in Europe.  This complex multi-jurisdictional transaction involved the laws of the UK, Luxembourg, Germany and the Netherlands and an implementation involving a COMI shift to England and use of the part 26A restructuring plan.
• Bio City. Advised the Bio City Development Company, a healthcare and research infrastructure developer, in relation to a proposed acquisition of equity and redemption of outstanding debt implemented via a change of law from English to Dutch and a ground-breaking Dutch WHOA.
• Calon Energy (Baglan). Advised the Official Receiver/Special Managers of Baglan Power Station TRI Company Award for Business Continuity – TRI Awards 2022.
• Codere. Advised Codere group, a leading player in the private gaming industry, on its €1.2bn restructuring by way of a new money offering and consent solicitation, the need for which arose from continuing COVID-related restrictions and closures which impacted materially on the group's gaming and casino businesses.
• Eroski. Advised Eroski on the restructuring of its EUR1.2bn financial indebtedness (Eroski is a highly prominent Spanish supermarket chain with over 1000 retail outlets in Spain). The restructuring was implemented through the issuance of Eroski’s first ever High Yield Bond under US law, and the simultaneous execution of several financing agreements (TLA, bridge financing, working capital facilities, ICO backed loans) under both Spanish and English law.
• Evergrande.  Acting for the Hong Kong liquidators of Evergrande, the second largest Chinese property developer.

• Gategroup. Advised Gategroup Holding AG in relation to a restructuring of the Swiss aviation catering company, which included the provision of $500 million of new money (in the form of subordinated loans and equity) provided by the shareholders and various maturity extensions. The restructuring was implemented via a part 26A restructuring plan.
• Hong Kong Airlines. Provided contingency planning and implementation advice to five of Hong Kong Airlines' aircraft lessors in relation to the latter's use of a parallel Hong Kong scheme of arrangement and United Kingdom restructuring plan. We also acted for the largest creditor CDB holding 47% of the debt.
• Leoni. Advised the investor Mr Pierer and the Pierer Group on the restructuring of LEONI Group, the first restructuring of this magnitude which was implemented on the basis of the StaRUG in Germany.
• Link Fund Solutions Ltd. Advised Link Fund Solutions Ltd, the authorised corporate director of c.£90bn of UCITS funds, in relation to a Financial Conduct Authority investigation and its high profile contested consumer redress scheme, implemented via an FCA supported scheme of arrangement.
• Lion Air. Advised various financiers and lessors on the restructuring of multiple leases to Lion Air. European Restructuring Deal of the Year – Airline Economics European Aviation 100 Deal of the Year Awards 2023. 
• Malaysia Airlines. Acted for a large group of lessor creditors to the Malaysia Airways Berhad group through the development and implementation of a large multi-stakeholder multi-jurisdictional restructuring Deal of the Year, Airline Economics Deal of the Year Awards 2021.
• Matalan. Advised UK retailer Matalan on its 2023 comprehensive recapitalization involving debt to equity swap, pre-packaged administration, refinancing and new money injection (the highest profile UK restructuring of 2022).

• NMC Healthcare. Advised the Ad Hoc Creditors' Committee of NMC Healthcare on its ground-breaking USD 7 billion financial restructuring, including the first-ever use of ADGM administration and deeds of company arrangement. Restructuring Deal of the Year IFLR Middle East Awards 2022.
• Orpea. Advised an ad hoc committee of Taiwanese banks who are Schuldshein lenders to Orpea, French care home giant restructuring via sauvegarde proceedings.
• Pacific Andes. Advised the liquidators of certain entities in the Pacific Andes group, including with respect to ongoing US bankruptcy proceedings of other entities within the group.
• Pierre et Vacances. Advised on the acquisition by Atream, Fidera and Alcentra and €1.5bn debt restructuring of the French tourism group, implemented via sauvegarde proceedings.
• Silicon Valley Bank. Advised HSBC on the emergency first of its kind acquisition of SVB UK, brokered by the Bank of England and the UK Government pursuant to powers under the Banking Act 2009.
• Takko. Advised certain term loan and letters of credit lenders to Takko Fashion, a major European discount fashion retailer, in respect of negotiating a sustainable solution to the company's upcoming debt maturities in 2023.
• The Learning Network. Advised the Lenders on the financial restructuring and ultimate distressed sale by way of Dutch pledge enforcement of The Learning Network Group from TowerBrook Capital Partners to Hans van der Wind (ex-owner, current board member and minority shareholder) and Intersaction.
• Vroon. Advised certain senior lenders to Vroon, a prominent Dutch shipping group, in relation to the group’s cross border restructuring process, including via a parallel Dutch WHOA and an English scheme of arrangement. Restructuring Deal of the Year – IFLR Europe Awards 2024.
•  Webuild. advised global construction group Webuild on the successful restructure and acquisition of Australian engineering and construction company Clough Group through a deed of company arrangement. The transaction represents the largest successful trade-on and turnaround of a construction group through voluntary administration in Australian history.