Eversheds Sutherland in pole position as Formula 1 team Force India skids into administration
Firm takes lead role on administration as leading F1 team searches for a buyer
August 01, 2018 at 05:48 AM
2 minute read
Eversheds Sutherland has taken a lead role on the administration of leading Formula 1 racing team Force India.
The firm acted for Brockstone Limited, the services company representing Force India driver Sergio Perez, in order to protect the jobs of Force India's 400 employees and to allow them to seek a buyer for the team.
Team principal, Indian businessman Vijay Mallya, is currently fighting an attempt by India to extradite him from Britain to face charges of fraud, which he denies, while Force India owes millions to creditors.
In 2017, Force India achieved its highest points tally in the Constructors Championship, finishing fourth out of 10 for the second successive season. This season, the team sits in sixth after 12 races.
Eversheds' team advising Brockstone was led by City restructuring partner Jamie Leader, who will now work alongside administrator FRP Advisory as the team seeks a buyer. Eversheds previously assisted longstanding client FRP on the administration of soap manufacturer Kay's.
Eversheds has taken a number of high-profile restructuring roles in recent months. In February, the firm advised Network Rail on the transfer of Carillion contracts to Amey Rail, in a deal that saw 600 Carillion jobs safeguarded following the construction company's collapse.
Legal Week revealed that the firm was paid £500,000 for the advice, which included the transfer of contracts for the Midland Mainline Upgrade and the North West Electrification Programme.
The firm also acted for Steinhoff's UK business on a £180m refinancing deal for Poundland, a move aimed at reducing the budget retailer's reliance on its South African owner Steinhoff International. Leeds-based restructuring partner David Gray acted on the deal.
In February, the firm also acted on the insolvency of electronics retailer Maplin, with Gray once again taking a lead role advising administrator PwC.
Photo credit: Nic Redhead
This content has been archived.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
© 2024 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
To Thrive in Central and Eastern Europe, Law Firms Need to 'Know the Rules of the Game'
7 minute read
What About the Old Partners Who Have No Interest in AI?
Netflix Offices Raided by Authorities in Paris and Amsterdam
The EU Top 30, 2024: Ranking the Largest Law Firms in the European Union by Headcount
5 minute readTrending Stories
- 1Judiciary Law §487 in 2024
- 2Polsinelli's Revenue and Profits Surge Amid Partner De-Equitizations, Retirements
- 3Environmental Fines: Texas Secures Over $100M From Petrochemical Processor TPC Group
- 4US Law Firm Leasing Up Nearly 30% Through Q3, With a Growing Number of Firms Staying in Place
- 5SEC Targets Rising Crypto Financier in $115 Million Securities Fraud
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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
