A&O, Nabarro, Addleshaws advise on UK Coal rescue deal
Nabarro, Addleshaw Goddard and Allen & Overy (A&O) have won roles on a rescue deal the saw the UK's largest coal miner file for administration. Birmingham High Court appointed PriceWaterhouseCoopers (PwC) partners David Kelly, Robert Hebenton and Ian Green as joint administrators of UK Coal yesterday (9 July) following an application made by UK Coal directors.
July 10, 2013 at 06:28 AM
2 minute read
Nabarro, Addleshaw Goddard and Allen & Overy (A&O) have all taken roles on the administration of UK Coal, the UK's largest coal miner.
PriceWaterhouseCoopers (PwC) partners David Kelly, Robert Hebenton and Ian Green were appointed as joint administrators of UK Coal yesterday (9 July) following an application made by UK Coal directors.
PwC completed the majority of the restructuring immediately after the appointment by setting up a new company, UK Coal Production, and several trading subsidiaries. According to PwC, the move has saved nearly 2,000 jobs.
Addleshaws advised PwC with a team led by restructuring partner Andrew Smith, with support from fellow restructuring partner Graham Briggs.
Nabarro acted for longstanding client UK Coal with a team headed up by insolvency and restructuring partner Glen Flannery and corporate partner Ben Hendry, which included pensions partner Ian Greenstreet.
Flannery said: "Following the fire at Daw Mill earlier in the year, which had such a devastating impact on the original restructuring that the Nabarro team also worked on, 2,000 jobs have been saved and 7,000 pensions protected today.
"UK Coal has been one of Nabarro's longest standing clients and to secure the future of its viable mining operations is a positive achievement for everyone involved."
The deal included an agreement with the Pension Protection Fund (PPF), where the fund will keep economic benefit in UK Coal through substitute debt instruments.
A&O, which represented PPF, fielded restructuring partner Ian Field alongside fellow restructuring partner Andrew Joyce, corporate partner Don McGown, pensions partner Neil Bowden and environmental partner Matthew Townsend.
Nabarro previously acted for UK Coal on a restructuring, which was completed last December, that saw the business split into mining and property divisions.
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