Freshfields, Mayer Brown and Dentons join fray as Carillion collapses
Magic circle firm takes key role on the insolvency alongside Dentons
January 15, 2018 at 05:45 AM
2 minute read
Freshfields Bruckhaus Deringer, Dentons and Mayer Brown have emerged as the latest firms advising on the collapse of Carillion, which is set to go into liquidation after rescue talks with lenders failed.
The construction company filed for compulsory liquidation this morning, with the government confirming that it will continue to deliver all public sector services provided by Carillion following its insolvency.
Freshfields, which had been advising Carillion's pension trustees on ongoing restructuring talks, is now understood to have been brought in to advise the official receiver on the liquidation. The firm's team is being led by London restructuring partner Adam Gallagher.
Dentons is also advising the official receiver – an officer appointed by the Insolvency Service – fielding a team led by London restructuring partners Nigel Barnett and Neil Griffiths.
The two firms are also advising PwC, which has been appointed as special manager to act on behalf of the liquidator on the collapse of Carillion, which employs about 43,000 people globally, including nearly 20,000 in the UK.
In addition to its role for PwC and the official receiver, a different team at Dentons has been advising the UK government since July last year. The global firm was appointed by the Cabinet Office to help gather legal intelligence on supplier contracts after the company's financial issues came to light. That contract runs until April this year.
The pair join a host of other law firms advising on the collapse, including Carillion's long-term adviser Slaughter and May.
It is understood that Mayer Brown is acting for the Pension Protection Fund, the UK government-backed compensation scheme.
Clifford Chance and Linklaters, meanwhile, are understood to be acting for a number of of the company's lenders, with Linklaters' restructuring and insolvency partner Nick Le Masurier taking a lead role for his firm.
Other lawyers involved in the negotiations include Akin Gump Strauss Hauer & Feld London restructuring partner Barry Russell, who is acting for private placement holders, and Willkie Farr & Gallagher City partner Graham Lane, who is advising convertible bond holders.
Freshfields declined to comment.
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