Freshfields and A&O lead on Lloyds and Gladedale Homes debt-for-equity swap
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on a debt-for-equity swap between house builder Gladedale Homes and Lloyds Banking Group. The deal will see Lloyds take priority shares in Gladedale in return for writing off roughly £500m of debt. The debt came on to Lloyds' books through its acquisition of HBOS last year.
September 16, 2009 at 06:37 AM
2 minute read
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on a debt-for-equity swap between house builder Gladedale Homes and Lloyds Banking Group.
The deal will see Lloyds take priority shares in Gladedale in return for writing off roughly £500m of debt. The debt came on to Lloyds' books through its acquisition of HBOS last year.
Freshfields London finance partner Marcus Mackenzie and corporate partner Frank Miller are advising Gladedale.
Gladedale, which sells 2,000 homes annually, had accumulated a £1bn debt pile during the credit boom. It took out loans from HBOS to help drive its sales.
Lloyds turned to regular advisers A&O on the deal, with real estate finance partner Arthur Dyson taking lead role.
The magic circle law firm deployed a team from its City base that included restructuring partner Ian Field, corporate partner Susan Howard and tax partner Lydia Challen.
The deal marks the second restructuring A&O has handled this month after a rescue deal was secured for stricken home improvement retailer, DIY Focus. The firm acted for the banks, GMAC Financial Services and HBOS on the deal, with banking partner Ian Powell leading the team.
Freshfields has also handled a string of high profile restructuring and insolvency mandates in recent months including Northern Rock, Kaupthing and Babcock & Brown.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Big Law Heavyweights Wrestle in High-Stakes Sale of Venezuela’s Citgo
Cleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
