Freshfields Bruckhaus Deringer, Allen & Overy (A&O) and Simmons & Simmons have advised on the restructuring of UK public infrastructure group Mouchel, in a deal that has seen the company's shareholders left with nothing.

Freshfields advised Mouchel led by finance partner Simon Johnson, corporate partner Farah Ispahani and restructuring partner Adam Gallagher.

A&O advised the lenders, with a team led by banking partners Trevor Borthwick and Ian Field, while Simmons acted for the new company housing Mouchel's assets, MRBL, led by restructuring partner Alan Gar.

Mouchel entered into administration last Friday (24 August) after its shareholders rejected a proposed restructuring that would have left them with 1p a share. The group required 75% of shareholders to back the deal for it to proceed. Freshfields is also advising the administrators KPMG, led by counsel Anne Sharp.

Following the rejected restructuring, the company's assets were transferred to MRBL, with the group's lenders RBS, Lloyds Banking Group and Barclays writing off around £87m of debt in return for an 80% share in the new entity.

The group's management will own the remaining 20% of the delisted company.

Gallagher said: "This is the latest in a number of plc restructurings that we've completed and an example of how administration techniques can be used effectively to create the right economics for businesses to prosper.

"When a restructuring of a public company cannot be agreed with shareholders, unfortunately they are the ones that lose out. Although this has been quite a surgical use of administration at the top of the group, the subsidiaries remain unaffected, demonstrating a successful restructuring."

Freshfields has acted for Mouchel on a number of occasions in recent years, including its near-takeover by government support services company VT Group in 2010, which was later abandoned.