Centro
Acting for the consortium of Australian lenders (JPMorgan, ANZ, CBA, NAB, BNP Paribas, Sumitomo, West LB and RBS) on the work-out and restructuring of the Centro Properties group. The group is extremely complex and this is the most significant Australian work-out to have occurred for some time. Our role acting for the steering committee of the banks is at the core of the Centro restructure.
Opes Prime
Acting for ANZ in relation to aspects of the Opes Prime collapse and advising in respect of ANZ's Securities Lending Review.
MFS/Octaviar
Acting for a secured lender to MFS/Octaviar (a retail unit trust) in a restructuring/standstill agreement following a default by MFS and problems in the wider MFS group. This included advice on liability issues and preparation/negotiation of successive short-term standstill agreements. We are also acting for Adelaide Equity on a recovery action against MFS.
Lift Captial
Acting for the administrators of Lift Capital, a margin lending business with 1,100 investor clients and involving A$750 million worth of leveraged listed securities and units in managed funds. Our role includes advising on rights and priorities under margin loan, prime brokerage and master securities lending arrangements, investigating potential claims, applying to the court for directions on securities ownership issues and assisting on the determination of investors' claims.
ION
Acting for the administrators of the ION Group (one of the largest car parts manufacturers in Australia, with operations across Australia as well as in New Zealand and the USA). We are advising on the public examinations of former directors and officers and the determination of shareholder claims (over 3,000 proofs of debt totalling over A$120 million). Following the High Court decision in Sons of Gwalia, this administration is likely to become one of the pioneer administrations to apply the principles laid down by the High Court.
Westpoint
Acting for Suncorp-Metway in managing its exposure to the collapse of Westpoint Group (a large property development enterprise) and the receivers, McGrathNicol on the completion and sale of property developments and numerous disputes with the directors of the companies, including the ability of the directors to force the receivers to free up cash to be made available to the directors to resist a winding up application.
Henry Walker Eltin
Acting for the administrator of the HWE group of companies, which was one of the largest administrations in Australia in 2006 on group financing arrangements, regulatory requirements, key customer/supplier rights and all aspects of the sale of various HWE businesses (with operations across Australia and in Indonesia, New Zealand, Jamaica and Ghana) for a total consideration of more than A$300 million.
New Cap Rr
Acting for Chase Manhattan in litigation between it and two members of the New Cap Reinsurance Group. This was a large and complex litigation involving cross-border insolvency issues in various jurisdictions including Australia, New York and Bermuda.
Film Financiers
Acting for JPMorgan in a very large dispute involving simultaneous proceedings in Sydney, New York and London relating to claims by various banks against insurers concerning financing provided to Hollywood film productions. This included advising on the enforcement of judgments across borders.
Ford
Acting in matters involving financially-distressed suppliers of car parts, including in negotiations with the voluntary administrators of Ajax Fasteners and Huon Corporation for the continued supply of critical parts to major car manufacturers.
Bendigo & Adelaide Bank
Advising on the enforcement of loan agreements with low-doc finance companies (including the appointment of receivers and managers, a DOCA and an application to appoint liquidators) and against investors who borrowed funds to trade in the exchange-traded options market (including applications to wind-up corporations and defending applications to set aside statutory demands).
King Bros Bus Group
Acting for Toyota Finance in defending a large unfair preference and uncommercial transaction claim (related to payments received before King Bros collapsed relating to a fleet of leased private buses) commenced in Sydney by the liquidator of the King Bros Bus Group.
Merino
Acting for the administrators of Merino, one of Australia's oldest and largest importer/exporter and manufacturer of paper/plastic products. During the administration, Merino continued to manufacture and supply products through its distribution network and to existing customers (including Woolworths, Coles and Metcash), the size and complexity of which required ongoing and urgent advice and the negotiation of new agreements with parties critical to the maintenance of the business as a going concern.
