Ashurst Takes Key Role As Thomas Cook Collapses
The firm has been called in after rescue talks fell through last night.
September 23, 2019 at 04:26 AM
3 minute read
Thomas Cook
Ashurst, Slaughter and May and Latham & Watkins are advising on Thomas Cook's restructuring, after rescue talks to save the company failed last night (September 22).
The Ashurst team is acting for the official receiver and AlixPartners and KPMG, which are the special managers in regards to some of the company's entities.
The Ashurst team is being led by partners Giles Boothman, Olga Galazoula and Lynn Dunne.
The team is also supported by partners Crowley Woodford and Ruth Buchanan, who are advising on the employment aspects of the restructuring, as well as by partners Derwin Jenkinson, Tom Mercer and James Fletcher, who are advising on the corporate aspects.
Both Slaughter and May and Latham and Watkins are acting for the holiday giant. Slaughters is advising the company's board, while Latham is advising the company.
The Slaughters team is being led by restructuring partner Tom Vickers.
Meanwhile, Latham's team – led by partners Nick Cline, John Houghton, and James Inness – is also acting for the company, according to a source with knowledge of the matter.
This summer, both Latham and Slaughters advised the company on its £750 million rescue deal with Fosun Tourism Group, a branch of Chinese investment giant Fosun International.
Clifford Chance advised Fosun Tourism Group on the deal and continues to advise the investor, with corporate partner Tim Lewis and banking and finance partner David Towers leading the team.
Allen & Overy is advising the banks, with partners Hannah Valintine, Nick Lister, Greg Brown and Melissa Samuel leading the team, while Milbank's Yushan Ng is heading a team acting for the bondholders for Thomas Cook.
Kirkland & Ellis is advising the creditors involved. The firm is fielding a team including restructuring partners Elaine Nolan, Kon Asimacopoulos, Partha Kar and Sean Lacey.
Meanwhile, Freshfields Bruckhaus Deringer and Linklaters also have roles for the creditors, according to a person with knowledge of the restructuring.
Reed Smith is advising the Civil Aviation Authority (CAA) in relation to the company's insolvency.
The firm is working alongside the CAA's in-house team and is being led by London partners Richard Spafford, who is advising on licensing and regulatory issues; Charlotte Moller on insolvency law and contingency planning for the repatriation; and Nicholas Williams on financing aspects.
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