Ashurst, Clifford Chance (CC) and Linklaters are among a raft of firms to have advised on the £1.96bn debt restructuring of the ownership of Battersea Power Station. The deal will see the iconic power station transferred to a new holding company, with £437m of debt converted to equity.

Ashurst took the lead role for the power station's owner, property company Real Estate Opportunities (REO), with a team led by corporate partner Nigel Stacey alongside finance partners Sarah Watkinson and Dan Hamilton and tax partners Richard Palmer and Simon Swann.

CC, meanwhile, acted for Oriental Property, which is still owed £150m from its £400m sale of the power station to REO in 2006, a deal on which Ashurst also advised.

The CC team was led by Hong Kong litigation partner Brian Gilchrist, corporate partner Daniel Kossoff, real estate finance partner Damian Perry, restructuring partner Adrian Cohen and tax partner Mark Persoff.

Linklaters advised REO's lenders, Lloyds Banking Group and Ireland's National Asset Management Agency (NAMA), led by banking partners Rebecca Jarvis and†Steve Smith. Slaughter and May also advised the NAMA.

The restructuring will see REO take a 54% stake in the new holding company, with the remaining 46% divided between REO's majority owner, Irish property company Treasury Holdings, and a number of stockholders.

Ashurst's Stacey said: "The deal was complex due to the various classes of debt and the consequent inability to approve the restructuring through a single process; it was also a challenge to accommodate everyone's interests given the number of parties (and advisers) involved."

SNR Denton also took a role, advising the stockholders and the trustee with a team including debt capital markets partner David Cohen, corporate partners Rebecca Gordon and Tanya Nash and restructuring partner Richard Cook.