Freshfields and Slaughters take lead on plan to split up Northern Rock
Freshfields Bruckhaus Deringer and Slaughter and May are advising as Northern Rock moves towards a restructuring that will see the bank split into two parts, with half likely to be sold. Freshfields is advising Northern Rock in relation to the restructuring plans, with London structured finance chief Alan Newton and corporate finance chief Barry O'Brien taking the lead roles for the firm.
October 28, 2009 at 11:45 AM
2 minute read
Freshfields Bruckhaus Deringer and Slaughter and May are advising as Northern Rock moves towards a restructuring that will see the bank split into two parts, with half likely to be sold.
Freshfields is advising Northern Rock in relation to the restructuring plans, with London structured finance chief Alan Newton and corporate finance chief Barry O'Brien taking the lead roles for the firm.
Slaughters is reprising its role for the Treasury, with City finance partner Guy O'Keefe leading a team which also includes M&A partner Richard de Carle, competition partner William Sibree and corporate recovery partner George Seligman.
The European Commission today (28 October) approved a package of measures to support the bank's restructuring, which will see the nationalised mortgage lender split into a 'good' bank, which will include savings and some mortgages – as well as future lending – and a 'bad' bank including Granite, the bank's securitisation vehicle, and its risky mortgage portfolio.
As part of the restructuring, the Government will provide up to £3bn to recapitalise the business, with the bad part eventually to be wound down while the good bank is expected to be sold.
Freshfields and Slaughters' roles on the restructuring come after both firms worked on Northern Rock's nationalisation in February last year.
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