Allens

Funds Management

Distressed funds

The crisis in debt and property markets since 2007 has had a profound impact on listed and unlisted property funds, particularly those with exposure to overseas assets.

Tax effective agribusiness MISs have also been severely impacted by a combination of the debt market crisis, environmental factors leading to increased capital expenditure and changes to tax laws.

As a result, much of the funds management work we have been involved with in recent years, working with other practice groups in the firm, includes the renegotiation and restructuring of debt arrangements; the implementation of workout solutions; and insolvency planning and insolvency administration.

Recent experience

Our distressed funds experience includes:

Centro Properties Group
Acting for the senior lenders to Centro Properties Group, including the debt restructuring and stabilisation arrangements negotiated in January 2009, and evaluating sale, restructure and recapitalisation proposals.

ANZ
Acting for ANZ in its capacity as a secured lender in the A$900 million collapse of Timbercorp Group.

PricewaterhouseCoopers
Acting for PricewaterhouseCoopers as receivers and managers over the assets of certain property trusts associated with the Timbercorp Group.

Bendigo & Adelaide Bank
Acting for Bendigo & Adelaide Bank in its capacity as a secured lender involved in the A$700 million collapse of Great Southern.

KordaMentha
Acting for KordaMentha upon their appointment by CBA and St George Bank as receivers and managers over entities in the Willmott Forests Group.