Lawyers in the Business Restructuring & Reorganisation Practice advise lenders, stakeholders, creditors and debtors on domestic and cross-border restructurings and insolvencies. The practice also acts for leading insolvency practitioners and turnaround professionals on administrations, receiverships, liquidations, business hive downs, workouts, and out-of-court restructurings.
Our lawyers advise lenders on all matters relating to their facilities and security issues, including the negotiation of standstill agreements and refinancing plans. The practice has a market-leading reputation in advising funds and other investors on the acquisition of distressed businesses and assets and their general and specific investment strategies as well as in the area of asset-based lending.
The practice regularly works with US, European, and Asian colleagues on international restructuring and investment opportunities and has extensive experience in cross-border insolvencies. The practice includes litigation lawyers dedicated to the area who advise clients on contentious issues arising out of the restructurings and insolvencies.
Examples of recent transactions include:
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Dana Corporation – Acting on behalf of Dana Corporation's UK & European subsidiaries in the largest Chapter 11 case of 2006.
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Exide Technologies – Acting on behalf of Exide Technologies who sometime ago emerged from Chapter 11 and was looking to refinance its exit financing with a $495 million syndicated cross-border asset-based lending facility.
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W L Ross – Acting for WL Ross on the acquisition of the Pan-European car parts business of Collins & Aikman from the Administrators.
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Dickon Court
Warwick, Law
On my first full day at Jones Day I found that my office was in the midst of what was called "the BRR group". Somewhat mystified, I later found that this was what in most London firms would be called the insolvency and restructuring practice. I started to be given quite a large amount of insolvency work from various fee earners, ranging from tasks that would take a few hours to getting involved in major transactions.
BRR work is interesting because it gives you a broad range of experience from insolvency transactions to the corporate and finance work arising out of the large restructurings. The group has very strong ties to the banking and litigation practices in particular, fluctuating as it does between contentious and noncontentious work. In fact dedicated litigators sit within the practice.
The largest matter that I have worked on was a restructuring of a European group of companies whose US parent had entered chapter 11 (a form of bankruptcy). I coordinated with Jones Day and external lawyers from all over the continent, as well as colleagues in the US, to try to get the best structure for everyone without raising corporate benefit issues. While challenging, this transaction opened me up to the breadth and complexity of transactions in a global law firm.
I have also been involved in marketing the practice. I helped to write a speech on a specific area of distressed investment for a partner to give at an important conference, and assisted in writing an article for a well known legal publication. These sorts of activities have become very important for the practice in the last year or two, as it has expanded massively even in the time that I have been at Jones Day.
The practice is highly respected and is taking on more and more work. It seems that the BRR group will certainly continue to grow, given both their appetite for new clients and the current market conditions.
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