Linklaters takes lead legal role as HMV enters administration
Linklaters is taking the lead role on the administration of HMV, as the music and DVD chain becomes the latest big-name high street retail collapse. Banking and restructuring partner Chris Howard is leading for the magic circle firm, with restructuring and insolvency partners Richard Hodgson and Richard Bussell also advising the banks and administrator Deloitte.
January 15, 2013 at 04:30 AM
2 minute read
Linklaters is taking the lead role on the administration of HMV, as the music and DVD chain becomes the latest big-name high street retail collapse.
The company, which has around 250 stores and some 4,500 employees, is the latest casualty in the high street's battle with online sales, racking up underlying net debts of £176.1m prior to Christmas trading.
Banking and restructuring partner Chris Howard is leading the magic circle firm's team, with restructuring and insolvency partners Richard Hodgson and Richard Bussell also advising the banks and administrator Deloitte.
Last June, Howard and banking partner Stuart Thomas advised a consortium of banks led by RBS and Lloyds on a renegotiation of HMV's bank loans, securing an extension for its £220m debt facility to 2014.
That deal was enabled by the company's £32m sale of the Hammersmith Apollo to US-based Anschutz Entertainment Group and German company CTS Eventim, with Hogan Lovells advising the buyer and Herbert Smith taking a role for HMV sponsor Citigroup.
Speaking last night, Simmons & Simmons partner Giles Dennison, who also advised HMV on the summer restructuring and sale, and had been the company's lead relationship partner for a number of years, said it was unclear whether the firm would retain a role in the administration, but commented: "We've very much valued and enjoyed our relationship with HMV and on behalf of the great team there I'm very disappointed by this evening's news."
Morrison & Foerster litigation partner Jonathan Wheeler is also advising the supplier creditors of HMV, which include Sony Pictures Home Entertainment, Sony Music Entertainment UK, Sony DADC UK, Warner Music UK, Paramount Home Entertainment, Cinram, Arvato, Channel 4 and ITV.
Wheeler has previously acted for supplier creditors in several administrations, including Fopp, Woolworths, Zavvi and Borders.
HMV is the second high-profile high street chain to go into administration in a week, following the announcement last Wednesday (9 January) that camera retailer Jessops had collapsed, putting 2,000 employees at risk.
SNR Denton is advising administrators PricewaterhouseCoopers, with a team being led by restructuring and insolvency dispute resolution partner Rachel Anthony.
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