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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

Weil Gotshal, DLA and Links lead on $2bn Middle East media merger

Weil Gotshal & Manges, DLA Piper and Linklaters have taken roles on a $2bn (£1.2bn) merger which will create the largest pay TV company in the Middle East and North Africa, reports The Am Law Daily. Weil Gotshal, which opened its first office in the Middle East this January in Dubai, advised Showtime Arabia on the deal, which sees it join forces with TV company The Orbit Group.
2 minute read

International Edition

Freshfields and A&O advise on $3.4bn China green energy deal

Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken roles on the largest Chinese M&A deal so far this year, reports The Am Law Daily. The deal, which is set to close this week, sees Chinese power company GCL-Poly Energy acquire leading solar-cell parts manufacturer Jiangsu Zhongneng Polysilicon Technology Development for $3.4bn (£2.1bn).
2 minute read

International Edition

Top law firms drafted in to advise on Liberty's £510m buyout of Pearl Group

A raft firms have landed roles advising on the £510m buyout of Pearl Group by acquisition vehicle Liberty International. Freshfields Bruckhaus Deringer, Simpson Thacher & Bartlett, Lovells, Clifford Chance (CC), Olswang and Greenberg Traurighave all won roles on the deal, which reduces Pearl's debts.
2 minute read

International Edition

Weil Gotshal and A&O advise BSkyB on £750m credit facility

Weil Gotshal & Manges' London office has helped secure a new £750m credit arrangement for British Sky Broadcasting (BSkyB). The US-based law firm advised the broadcaster on the syndicated credit facility, which is available for drawing from 30 July 2010, replacing an existing £1bn facility.
2 minute read

International Edition

Top law firms drafted in to advise on Liberty's £510m buyout of Pearl Group

A raft firms have landed roles advising on the £510m buyout of Pearl Group by acquisition vehicle Liberty International. Freshfields Bruckhaus Deringer, Simpson Thacher & Bartlett, Lovells, Clifford Chance (CC), Olswang and Greenberg Traurig have all won roles on the deal, which reduces Pearl's debts.
2 minute read

International Edition

Links and Slaughters in on Resolution merger bid

Linklaters and Slaughter and May have landed key roles advising on potential merger talks between insurers Friends Provident and Resolution. Linklaters has stepped in to advise long-standing client Friends Provident on the talks, with corporate partner Owen Clay taking the lead role for the firm.
2 minute read

International Edition

Dealmaker: Ashar Qureshi

Cleary Gottlieb corporate partner Ashar Qureshi unleashes his penchant for untrammelled eloquence
4 minute read

International Edition

Latham takes lead on restructuring of Tiger Tiger owner

Latham & Watkins has advised bar and club operator Novus Leisure on the financial restructuring of its business. Novus, whose brands include Tiger Tiger, has significantly reduced its debt in a debt for equity swap that has seen Barclays Ventures and the Royal Bank of Scotland become majority shareholders while private equity firm Cognetas is reduced to a minority stakeholder. Barclays has also committed to invest £20m to expand the business.
2 minute read

International Edition

A&O advises Nationwide on Dunfermline loans portfolio

Allen & Overy (A&O) is advising longstanding client Nationwide on its bid to purchase collapsed building society Dunfermline's portfolio of social housing loans worth £670m. The building society has been selected as the preferred bidder for the loans book, which was transferred from Dunfermline to Bank of England-owned DBS Bridge Bank earlier this year while a permanent home was sought.
2 minute read

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