About Gavin Rakoczy
Gavin is a seasoned partner in our Banking & Finance practice with circa 20 years of expertise in financial restructuring and distressed debt situations. Recognised as a Next Generation Partner in Restructuring and Insolvency by The Legal 500 Australia, he has played a pivotal role in many of Australia’s most complex restructures and distressed scenarios.
Gavin specialises in debt restructuring, distressed M&A, defensive structuring, corporate wind-downs and securities enforcement strategies, including loan to own acquisitions. He is well-versed in all manner of restructuring, corporate and finance documentation, including standstill and forbearance deeds, recapitalisation and implementation deeds, asset and business sale agreements, bilateral and syndicated facility agreements, convertible note deeds and security agreements of all types. Gavin has particular expertise with deeds of company arrangement (DOCA), having drafted some of Australia’s most complex and innovative DOCAs.
Significant matters in which Gavin has been involved include:
- Callide: advised Sev.en Global Investments on its significant indirect equity and debt interest in an entity (IGPC) with a 50% interest in the Callide Power Station (one of Qld's key power generation assets)). The mandate spanned several years and ultimately resulted in the successful acquisition and recapitalisation of IGPC following a heavily contested M&A process.
- Confidential matter: advised a confidential client on its ~$270m exposure to a local business with +$500m in debts, including business stabilisation, implementation of safe harbour protections for the board, planning for a potential voluntary administration and preparation of the business for a rapid market testing sale process.
- Salt Lake Potash Project: advised Sev.en Global Investments on the first successful subrogation by a third-party payer as a beneficiary into a security trust structure. The outcome was achieved via a contested court process: Sev.en Global Investments Pty Ltd v Global Loan Agency Services Australia Nominees Pty Ltd & Ors [2024] WASC 424 and represented Australia’s first judicial recognition of the operation of equitable subrogation in this context.
- New Wilkie: advised a confidential client on its significant financial exposure to the New Wilkie group, including the restructure of its existing debt facilities, potential acquisition of the group and, following the appointment of administrators, the legal and strategic implications of the group’s insolvency and the client’s bid for the assets of the group.
- Virgin: advised lessors of ~100 aircraft to the insolvent Virgin Group (owed ~$3.5bn) concerning a range of complex legal and strategic issues, including the administrators' ability to compulsorily retain and utilise leased aircraft while paying materially reduced rent and interplay of Corporations Act 2001 (Cth) insolvency regime with Cape Town Convention and Aircraft Protocol to the Convention.
- Arrium: acted for Arrium's 27 lenders (owed ~$3bn owed) in one of Australia’s largest insolvencies involving +8000 employees and +$4bn in debt, including a key role in drafting innovative market-moving DOCAs which facilitated the sale and recapitalisation of Arrium’s steel-making business. Recognised at the 2017 Australian Law Awards for 'Insolvency & Restructuring Deal of the Year'.
- Paladin: advised Paladin regarding its multi-jurisdictional recapitalisation involving a US$700m debt for equity swap implemented via DOCA and the issuance of US$115m in secured bonds. The restructure was awarded the Turnaround Management Association’s '2018 Restructuring Deal of the Year'.
- RCR: advised the administrators (later liquidators) of the RCR group (+4000 employees, ~100 leased properties and +$650m debts), including sale of profitable business units and development and implementation an innovative court process to resolve the contested characterisation of group assets as circulating or non-circulating: In re RCR Tomlinson Ltd (admin apptd) & Ors [2020] NSWSC 735—a leading case now cited in the ARITA education program.
- Angas Securities: advised Trust Company (Nominees) Limited (owned by Perpetual) as trustee of a ~$150m debenture fund managed by Angas Securities Limited placed into court ordered run-off. Ultimately resolved via an innovative scheme of arrangement which saw the retirement of the trustee (with full releases) and debenture holders receiving equity and units in lieu of repayment of their investment.
- McAleese: acted for the administrators of the McAleese group which collapsed with +$200m in debts. Key role in negotiating DOCAs and related agreements to facilitate group’s restructure via divestment of unprofitable business units and recapitalisation of remaining businesses.