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International Edition

Lovells, Latham lead as High Court hands down key private equity ruling

A landmark High Court judgment relating to the restructuring of IMO Car Wash has dealt a blow to junior lenders who invested in private equity deals that have turned sour. A raft of law firms and chambers including Latham & Watkins, Lovells and Gide Loyrette Nouel advised on the restructuring, with the court yesterday (11 August) approving schemes of arrangement which hand control of IMO to the consortium of banks - led by HBOS - which financed the £450m leveraged buyout of IMO in 2006. Hedge fund investors will lose their investment and receive no equity in the company.
3 minute read

International Edition

Heller bankruptcy court report alleges $9m profits cover-up

A bankruptcy court report has alleged that Heller Ehrman last year distributed $9m (£5.5m) in profits that the now-defunct firm did not have. According to the interim status report, in early 2008, someone at Heller instructed its accounting department to distribute the $9m and then cover it up.
2 minute read

International Edition

A&O insolvency litigation partner joins Nauta in Brussels

NautaDutilh has recruited an Allen & Overy (A&O) partner in Brussels, with restructuring and insolvency litigation partner Sophie Jacmain set to join the Benelux firm. Jacmain left A&O's Brussels office earlier this month, where she headed a restructuring group within the litigation department. She was promoted to partner at A&O in 2008. She joins Nauta as an associate partner, a rank the firm introduced last year as an alternative to salaried partner.
2 minute read

International Edition

Ashurst set for restructuring boost with White & Case partner hire

Ashurst is set to bolster its London restructuring team with the hire of White & Case partner Dan Hamilton. Hamilton - who was appointed to lead the US firm's London financial restructuring and insolvency practice last year - has informed the White & Case partnership that he will be leaving to join Ashurst.
2 minute read

International Edition

Lehman creditors set for early return under Linklaters plan

Lehman Brothers' European creditors could start seeing assets returned as early as next year, as part of a scheme of arrangement being worked on by Linklaters. Linklaters is advising Lehman's administrator PricewaterhouseCoopers, which made an application to the High Court in relation to the proposed scheme.
3 minute read

International Edition

Commentary: City climate offers Weil a chance to shine in London

Moments in the sun don't come round very often, especially in an English summer, but Weil Gotshal & Manges - partly through luck, partly through design - finds its London office currently basking in one of the few rays of light in the Square Mile. Logically, this is where the firm should have been two years ago, when the practice had been bolstered by senior hires, a run of high-profile mandates and a private equity and structured finance practice that looked perfect for the times.
3 minute read

International Edition

Links boosts German insolvency with CC hire

Linklaters is to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters announced the appointment of Kolja von Bismarck last week (16 July), with von Bismarck to join the magic circle firm's Frankfurt arm.
2 minute read

Legal Week

Links boosts German insolvency with CC hire

Linklaters is to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters announced the appointment of Kolja von Bismarck last week (16 July), with von Bismarck to join the magic circle firm's Frankfurt arm.
5 minute read

International Edition

Skadden and Paul Weiss head up $3bn CIT rescue deal

Skadden Arps Slate Meagher & Flom and Paul Weiss Rifkind Wharton & Garrison have taken lead roles in ailing financial services firm CIT Group's negotiations to stave off bankruptcy, reports The Am Law Daily. Under the terms of the proposal, approved late Sunday (19 July), CIT will receive $3bn (£1.8bn) from some of its largest bondholders. The loan, which has a two-and-a-half year maturity and a relatively high interest rate, is expected to give CIT some breathing room as it embarks on a global restructuring.
3 minute read

International Edition

Linklaters boosts German insolvency with CC heavyweight

Linklaters has moved to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters today (16 July) announced the appointment of Kolja von Bismarck, who will join the magic circle law firm's Frankfurt arm.
2 minute read

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