Weil bags key role on BHS debt deal
US firm takes the lead as high street stalwart renegotiates with landlords to stave off insolvency
March 14, 2016 at 08:16 PM
2 minute read
Weil Gotshal & Manges is advising BHS on its proposal to its landlords for a reduction in its rent to stave off insolvency.
The struggling retailer has proposed to its landlords that it enter a company voluntary agreement (CVA) as a way of avoiding entering administration.
BHS owes over £500m to its creditors, which includes nearly £70m owed to landlords, its biggest fixed cost.
BHS's creditors will vote on the 23 March on whether or not to approve the CVA, the company needs 75% of creditors to be in favour for the CVA to be successful.
KPMG has been advising BHS on the CVA and Weil is the legal adviser.
The Weil team is being led by the firm's London head of restructuring Adam Plainer.
Other members of the team include restructuring partner Mark Lawford, head of banking Mark Donald and head of real estate Rupert Jones.
Key landlords include Scottish Widows, which is owed £22m by BHS, Prudential which is owed £20m, British Land which is owned £12m, Land Securities which is owed £19m and Tesco which is owed £4.6m.
Scottish Widows is a subsidiary of Lloyds Banking Group which is advised by firms including Linklaters, Hogan Lovells, DLA Piper, Addleshaw Goddard and Herbert Smith Freehills.
British Land recently unveiled its first panel, with firms such as King & Wood Mallesons, Addleshaw Goddard and Freshfields Bruckhaus Deringer winning places.
Land Securities, which is currently reviewing its legal panel, is regularly advised by firms such as Hogan Lovells, Berwin Leighton Paisner (BLP), Eversheds, Freshfields and Nabarro.
Tesco is regularly advised by BLP on real estate matters.
Tesco, British Land, Land Securities and BLP declined to comment. Scottish Widows and Lloyds did not respond to requests for comment.
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