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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Big Law Heavyweights Wrestle in High-Stakes Sale of Venezuela’s Citgo
Cleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
