Jones Day wins Allders restructuring
Legal Week Reports
February 09, 2005 at 07:03 PM
2 minute read
Jones Day's London office has scooped the plum role advising struggling department store chain Allders on its administration.
The US firm has been instructed to advise the client for the first time, winning a tender process ahead of City firms including Slaughter & May after Allders' regular adviser Olswang was conflicted out.
Historically, Allders has used Olswang for its legal work, but the firm was unable to advise on the insolvency as it also advises Minerva, one of Allders' investors.
Jones Day was instructed on the deal in December last year when investors Minerva and Lehman Brothers launched the sale process in a bid to save the company.
Head of restructuring at Jones Day's London arm, Adam Plainer, is leading the team advising Allders with pensions partner John Papadakis and real estate partner David Smith.
Allders, which has a turnover of £650m with an attached debt of around £160m, has appointed property group Kroll as administrator. If no buyer can be found, the company will be broken up and sold off.
DLA restructuring partner Simon Neilson-Clark is representing creditor Barclays, with Minerva being advised by Olswang head of finance Graeme Levy.
Freshfields Bruckhaus Deringer restructuring partner Ken Baird advised Lehman Brothers before the investor sold its debt to Epsilon last month, which is now being advised by Allen & Overy restructuring partner Ian Field.
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