Finalists: Paul Hastings; Sullivan & Cromwell (highly commended).

Milbank, Tweed, Hadley & McCloy's efforts to save a group of creditors from heavy losses earned it the restructuring team of the year prize.

The deal centred around the restructuring of Ocean Rig, a struggling offshore oil drilling contractor, and investors that had loaned the company about $3bn. When the firm was hired by the lenders, Ocean Rig was burning through cash at a rapid clip, making bankruptcy inevitable. Milbank therefore tabled a proactive restructuring plan that would pull the business back from the brink of collapse while also preventing holdout creditors from scuppering the deal.

Drawing on a team that spanned London, New York, Sao Paulo and LA, the firm set up a litigation trust that would allow claims to be pursued separately to the rescue plan, which involved exchanging more than $3bn of debt for a 90% equity stake in the restructured entity, significantly reducing Ocean Rig's debt burden – a much better outcome for creditors than any potential alternative. The restructuring meant key contracts were preserved, putting Ocean Rig on a sound footing for a recovery in demand for deep-sea drilling services.

"Very large deal with good examples of cross-border team work," said a judge.

To return to the full list of winners click here.