Restructuring & Insolvency
Well-structured and advised businesses are best equipped to weather any economic volatility
The recent challenging economic conditions has accelerated underlying issues for many organisations, putting them into situations of distressed debt. In these situations, it's essential to consider all the options and receive the best advice to optimise a commercial outcome as well as be in a position to leverage opportunities to raise capital, reduce capital expenditure and restructure debt.
How we can help
We have experts from across all disciplines, offering insight and experience in insolvency and restructuring, banking and finance, M&A, employment and tax. We offer clients a seamless experience across the whole cycle of your business and in any kind of special situation.
We advise on:
- developing safe harbour plans;
- formal insolvency regimes;
- voluntary administrations;
- loan-to-own strategies;
- restructuring and workouts;
- receiverships;
- securities enforcement strategies;
- creditors' schemes of arrangement; and
- distressed opportunities and special situations.
Providing the right opportunities for our clients
Clients turn to us for our technical competence and expertise in conducting complex, large-scale and often multi-jurisdictional restructurings and insolvencies, which require extensive legal capability and bench depth in resources. We are recognised for handling some of Australia's most significant restructurings and insolvencies.
At the forefront of global trends and restructuring techniques
Our international reach through our Linklaters alliance, and our experience acting in cross‑border restructuring and insolvency situations, enables us to offer a seamless service wherever you need us.
Experience
Network Ten
Advised the Commonwealth Bank of Australia on the appointment of receivers and managers, the provision of receivership funding and the sale process.
Axsesstoday
Advised Cerberus on the acquisition and recapitalisation of the Axsesstoday group through a deed of company arrangement, including the introduction of a new securitisation facility.
G-Star Australia Pty Ltd
Acting for and advising EY as administrators of G-Star Australia Pty Ltd, the Australian distributor of the G-Star Raw clothing range. The company's retailing operation faltered as a consequence of COVID-19 trading limitations. The administration has involved a successful application to court to extend the time for the administrators to trade from 22 leased premises without personal liability, and without causing the company to pay rent or outgoings.
Berrington Care Group
Acting for and advising KPMG as administrators in the restructure and sale of the aged care business of the Berrington Care Group to The Bethanie Group Inc. This is the first transaction in Australia involving the restructure of an aged care business in voluntary administration.
Myer Limited
Advised the lenders in relation to the refinancing of the group's debt platform and implementation of a new security package.
FitnessFirst
Advised on the Australian aspects of the restructuring and workout of the FitnessFirst Group, a global health/fitness retail group.
Steller Group
Advising OCP Asia and McGrathNicol on all aspects of the complex receivership of the Steller Group, including property realisations, intercreditor disputes, trust enforcement issues and more.
Paperlinx
Advised on all aspects of its complex global workout and debt restructuring, and subsequent refinancing.
Quintis Group Receivership
Acted for the secured US bondholders in relation to all aspects of running the business, as well as a sale and recapitalisation process. The insolvency had a number of cross-border elements, as the business had substantial assets and debt in the US.
One Key Workforce
Acted for the liquidators of One Key Workforce Pty Ltd, which became insolvent after its enterprise bargaining agreement was declared void by the Federal Court. The complex issues involved in the liquidation required detailed consideration of administrative, insolvency and employment law.
Wiggins Island Coal Export Terminal
Acting for the Commonwealth Bank of Australia as the senior agent for a syndicate of 20 domestic and international banks to the Wiggins Island Coal Export Terminal (WICET) on a proposed refinancing of its $3.8 billion debt.
Receiverships of major transport infrastructure
Acted for the lender-appointed receivers and managers of BrisConnections on the sale of the AirportlinkM7 toll road for $1.87 billion to the Transurban Queensland consortium and the receivers appointed to the Cross City Tunnel’s most recent receivership.
Opes Prime collapse
Acted for a lender in the collapse of Opes Prime, including the schemes of arrangement for the Opes companies. We also advised on potential claims by the liquidators as well as regulatory issues, including an ASIC investigation regarding the collapse.
Sev.en Global Investments
Ongoing advice to Sev.en Global Investments on its significant equity and debt interest in the holding vehicle for a 50% joint venture interest in the Callide Power Station, including highly complex strategic advice relating to implications arising from the insolvency of the holding company.
Distressed assets
Ongoing advice to a large multinational entity on its ~$270m exposure to a distressed local asset, including advice regarding the highly complex potential wind-down of the asset holding entities and strategies to neutralise a hostile secured creditor.
Sev.en Global Investments
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.