Linklaters Added to Rack of Advisers as Debenhams Goes Into Administration
Magic circle and US firms have reprised roles for the troubled department store after attempts to restructure the business failed.
April 09, 2019 at 06:58 AM
2 minute read
Linklaters has picked up a role on the administration of troubled department store Debenhams alongside Freshfields Bruckhaus Deringer, Kirkland & Ellis and Allen & Overy.
Debenhams, which underwent a restructuring process in February, has been taking legal advice from a Freshfields team led by restructuring partner Ken Baird since the beginning of the process.
The department store had rejected Sports Direct founder and owner Mike Ashley's offer of a £200 million cash injection into the business and rejected the proposal to underwrite a £150 million equity issuance by Debenhams, with the store falling into the hands of its lenders.
Shares in Debenhams were suspended this morning (April 9), "pending a further update".
Linklaters is now advising the administrators, FTI Consulting, with restructuring partner James Douglas leading the Magic Circle firm's team, according to two people close to the situation.
An A&O team headed up by restructuring head Ian Field and head of corporate lending Trevor Borthwick is advising the lenders, while Kirkland & Ellis restructuring partners Kon Asimacopoulos, Sean Lacey and Partha Kar are advising the bondholders.
Last year, Freshfields and Kirkland were among a raft of firms to have advised on department store House of Fraser's administration process and subsequent sale to Ashley, founder and owner of Sports Direct, for £90m.
Elsewhere on the high street, DLA Piper is advising fashion retailer LK Bennett which fell into administration last month, while White & Case, Pinsent Masons and Shoosmiths picked up roles on the administration of high street fashion retailer Coast and the sale of its department-store concessions to sister company and rival Karen Millen last October.
High street restructuring processes have generated more than £6.5 million in legal fees for firms including DLA, Kirkland, Clifford Chance and Jones Day, according to liquidators' receipts statements.
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