Freshfields wins XL Leisure administration role
Freshfields Bruckhaus Deringer and Jones Day have taken the lead roles on the administration of the UK's third largest tour operator - XL Leisure Group. The company applied to go into administration late last night (11 September) after a hearing at the Jones Day offices, overseen by High Court judge Mr Justice Henderson. Freshfields is acting for the administrator Kroll, with restructuring partner Richard Tett acting alongside partners Neil Golding and of counsel Anne Sharp.The magic circle law firm is also acting for Iceland's Straumur - XL's main lender which has acquired XL's German and French subsidiaries as a result of the administration.
September 12, 2008 at 10:33 AM
2 minute read
Freshfields Bruckhaus Deringer and Jones Day have taken the lead roles on the administration of the UK's third largest tour operator – XL Leisure Group.
The company applied to go into administration late last night (11 September) after a hearing at the Jones Day offices, overseen by High Court judge Mr Justice Henderson.
Freshfields is acting for the administrator Kroll, with restructuring partner Richard Tett acting alongside partners Neil Golding and of counsel Anne Sharp.
The magic circle law firm is also acting for Iceland's Straumur, XL's main lender, which has acquired XL's German and French subsidiaries as a result of the administration.
The Freshfields partners acting for Straumur include Neil Falconer, Ken Baird and Adam Gallagher.
Jones Day is acting for XL, fielding a team led by London restructuring partner Adam Plainer, assisted by fellow restructuring partner Sion Richards.
The team from Jones Day is also advising on the breakup of the company and will advise on any litigation issues that may arise from the administration.
Passengers have been left stranded following the collapse, which is the latest in a series of airline administrations so far this year, with high oil prices partially to blame. Earlier this month budget carrier Zoom collapsed while business class airline Silverjet went into administration earlier in the year.
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