Kirkland knocks Sidley with $1.3bn restructuring mandate
Kirkland & Ellis has landed the lead role on the €1.3bn (£885m) Sea Containers restructuring, knocking fellow US rival Sidley Austin off the top spot. Sidley, which had been leading on the company's reorganisation, will now take a secondary role advising on securities issues of the restructuring.
May 02, 2007 at 09:41 PM
2 minute read
Kirkland & Ellis has landed the lead role on the €1.3bn (£885m) Sea Containers restructuring, knocking fellow US rival Sidley Austin off the top spot.
Sidley, which had been leading on the company's reorganisation, will now take a secondary role advising on securities issues of the restructuring.
Sea Containers is embroiled in a dispute with General Electric (GE) over a joint venture. Kirkland had been drafted in to advise on the GE dispute earlier this year. Sidley has an ongoing relationship with GE and stood down from the lead restructuring role when it became apparent that the GE dispute was going to become relevant in the restructuring. Weil Gotshal & Manges is advising GE.
London restructuring partner Richard East and Chicago-based David Eaton are leading the Kirkland team advising the transport and container company, which filed for bankruptcy protection last year.
East commented: "It is a great deal for Kirkland to be involved in as it is one of the biggest restructurings in the market. We have had a very successful 24 months, contrary to market conditions. Our European practice has now grown to 10 people, which, coupled with the US practice, gives us a very strong hand."
The restructuring also handed roles to Bingham McCutchen and Willkie Farr & Gallagher, which are both advising holders of the company's bonds. PWC Legal also has a role assisting Kirkland on pensions work.
Sea Containers and its subsidiary companies, Sea Containers Services and Sea Containers Caribbean, filed for Chapter 11 protection in October last year, in order that it could restructure. At the time, the company owed $115m (£57m) to its creditors, had a total of $650m (£325m) consolidated debt outstanding.
The mandate is significant as Sea Containers is currently one of the largest restructurings in Europe. Kirkland has been active of late in Europe, also advising on the administration of JL and French, Calpine and Collins & Aikman.
As part of the restructuring, Sea Containers has already sold its Baltic ferry subsidiary, Silja Oy Ab, to Estonian ferry operator AS Tallink Grupp for £406m. On that deal Richards Butler advised Sea Containers, while Wragge & Co took the lead for Tallink.
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