Allens

Experience

We have handled some of Australia’s most significant restructuring and insolvency matters in recent years.

Restructuring and creditors’ schemes of arrangement

  • Acting for the secured financiers to the BIS Industries group (owned by KKR) in relation to the restructure of its $700M facility.
  • Acting for the financiers to the Wiggins Island Coal Export Terminal (WICET) in relation to a proposed refinancing of its $3.8B debt. WICET is Queensland's first user-funded coal terminal, with a complex set of financing arrangements in place.
  • Acted for the senior lenders in relation to the workout and restructuring of the Elders financing arrangements.
  • Advised Oaktree Capital and Marathon Asset Management on the Australian aspects of the financial and operational restructuring of the Fitness First Group, a global health and fitness retail group.
  • Advised the board and management of Billabong International on the response to takeover proposals during 2012-2013 from various private equity consortia and related recapitalisation transactions. In the context of these intense negotiations, we advised the board and management in relation to issues arising under its financing documents and from intense trading in the company’s debt with a view to potential debt for equity restructuring proposals.
  • Acted for the consortium of senior lenders on the work-out and restructuring of the Centro Properties Group and subsequent creditors’ scheme of arrangement. This transaction closed in December 2011 and is the most significant and complex Australian restructuring transaction to have occurred in recent years.
  • Acted for the senior lenders to OZ Minerals, including in relation to arrangements to support a restructuring of OZ Minerals’ assets/businesses.
  • Acted for the senior bank lenders in relation to dispute and restructuring issues surrounding the NSW State Government’s public private partnership for Reliance Rail.

Receiverships

  • Advised the lender-appointed Receivers and Managers of BrisConnections on the sale of the AirportlinkM7 tollroad for A$1.87 billion to the Transurban Queensland consortium.
  • Acted for the syndicate of senior lenders to the Colorado Group (which operated about 430 retail stores Australia-wide) and the receivers appointed to the Group, including in relation to the loan-to-own transaction, which saw the sale of the business to a lender-led vehicle.
  • Acted for the receivers appointed to the Cross City Tunnel’s most recent receivership and on the subsequent loan to own transaction with Transurban.
  • Acted for the receivers and managers appointed to the RiverCity Motorway group of companies.
  • Advised ANZ in relation to its secured interest in the collapse of Timbercorp managed investment schemes, and for the receivers appointed by ANZ.
  • Advised MBIA Insurance Corporation (the major secured creditor of the Lane Cove Tunnel group) in relation to the appointment of receivers to each entity in the group and subsequently advised the receivers on the sale process, involving assets of $630.5 million.
  • 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.

Voluntary administrations

  • Advised the administrators of Quickflix, a media streaming and rental company offering television and movie content to its subscriber base. Our advice included making an application that is relatively unusual, and our team achieved a very successful outcome for all stakeholders in tight timeframe.
  • Acting for Ferrier Hodgson as receivers and managers of the Intergen group's interest in the Callide C power station.
  • Advising the administrators and deed administrators of the Australian Careers Network (ACN) Group on all aspects of the voluntary administration and deed of company arrangement.
  • Advised the administrators of NSW coal miner Coalpac and its related entities, following Coalpac's unsuccessful application to the NSW Government to expand mining operations, which resulted in suspension of coal production.
  • Advised McGrathNicol in its role as voluntary administrator of the Cubbie Group of companies. This was a very high-profile matter, having the largest aggregation of irrigated land in the Southern Hemisphere.
  • Acted for the administrators of Lift Capital, a significant Australian margin-lending business, in relation to the negotiation, preparation and implementation of a scheme of arrangement.
  • Acted for the deed administrators of the ION Group, a large international car parts manufacturer, including on the public examinations of former directors/officers and the determination of shareholder claims. Following the Sons of Gwalia decision, this is one of the pioneer administrations to apply the principles laid down by the Australian High Court.