Practice/Industry Group Overview
Mayer Brown’s Restructuring, Bankruptcy & Insolvency practice has more than 50 lawyers operating in jurisdictions across the Americas, Asia and Europe which means we are able to provide comprehensive assistance to clients around the world.
We represent corporate debtors, company directors, lenders (throughout the capital structure), bondholders, liquidators, receivers, administrators, trustees, debtor-in-possession (DIP) loan providers, insurers, pension fund trustees, special servicers, and landlords on all aspects of restructuring, bankruptcy and insolvency.
Our experience in a broad array of industries allows us to quickly identify the proper context for the business and legal issues that can arise during the course of an out-of-court restructuring or in-court insolvency proceeding. This experience extends to such diverse industries as airlines, automotive, construction, energy/natural resources, financial services, gaming/gambling, health care, hospitality, manufacturing, real estate, retail, structured finance, telecommunications and transportation.
We also have extensive experience in cross-border and formal insolvencies, working closely with colleagues in other regional offices on multi-jurisdictional matters. As a result, our lawyers continue to play an increasingly active role in a growing number of cross-border restructurings and insolvency proceedings.
Moreover, we offer an integrated, multidisciplinary team that draws on our firm’s globally lauded banking and finance, litigation, regulatory, insurance, pensions, securitization, structured finance, derivatives, employment, real estate, ERISA and tax lawyers, worldwide. We are able to provide our clients with comprehensive and innovative solutions which serve their business needs.
- Lehman Brothers. We represent numerous clients in connection with multi-jurisdictional disputes and issues as a result of the Lehman Brothers bankruptcy.
- In Asia we act for the liquidators of all of Lehman's Hong Kong entities on all aspects of their administration. We are advising on asset recoveries relating to pre-liquidation transactions involving assets valued in excess of US$10 billion; trust asset claims and disputes; and negotiation of settlements with specific jurisdiction-based groups of Lehman Brothers entities.
- In Europe we represent KPMG, as liquidators of certain Lehman Brothers companies in Asia, in connection with the insolvency of Lehman Brothers Bankhaus AG in Germany, as well as advising on possible claims for compensation against the Deposit Protection Fund of the Association of German Banks.
- In the UK we are advising KPMG as liquidators on all aspects of the liquidation, and in particular with regard to a dispute between our clients, along with certain other affiliates in the Lehman Brothers group, and Lehman Brothers International Europe ("LBIE") concerning the ownership of certain securities which are held by LBIE in its various depots and their claims against LBIE, including in relation to the proof process.
- In the United States we represent over fifty clients in relation to the bankruptcy of Lehman Brothers Holding Inc. and its subsidiaries including the acceleration, termination and liquidation of thousands of swaps, securities contracts and other derivative contracts and asserting client claims in both the bankruptcy and regulatory proceedings.
- GMAC and ResCap. We represented GMAC LLC and Residential Capital LLC in a US$60 billion restructuring, which consisted of dozens of interrelated and complex transactions and involved more than 50 institutions worldwide and partners from five Mayer Brown offices in the US and Europe.
- SIV Restructurings and Receiverships. We represented financial institutions, creditors, other stakeholders and insolvency practitioners on the restructuring and receivership of SIVs, distressed warehousing vehicles and other structured vehicles (including RMBS and CMBS vehicles). Our work includes advising: the receivers of Golden Key Ltd.; a secured creditor in relation to its interest in the receivership proceedings of Sigma Finance Corporation; a senior secured creditor in the receivership and restructuring of Whistlejacket Capital Ltd.; liquidity providers to Cheyne Finance Plc in its restructuring (the first of this kind to be completed); and the independent directors of K2 Corporation.
- Nortel Networks, Inc. We represent The Boards of Directors of the Asian, Caribbean and Latin American affiliates of Nortel Networks Corporation in connection with the Chapter 11 filings of Nortel Networks Inc., and its various US subsidiaries. In conjunction with the Chapter 11 filing, we also advise Nortel Asian entities in regard to their involvement in an "Asia Restructuring Agreement" being promoted by Nortel Networks US and Nortel Networks Corp Canada in the "Canadian Creditors Arrangement."
- Kaupthing Bank Luxembourg. We represented the Rowland family in relation to the “good bank/bad bank” restructuring of Kaupthing Bank Luxembourg.
- Thai Petrochemical Industry. We acted throughout the restructuring of Thai Petrochemical Industry Public Company Ltd. (TPI) for a Committee of Creditors which represented 140 banks, export credit agencies and a supranational lender. The transaction is Thailand's largest and, at eight years, longest-running debt restructuring case.
- Adelphia. We represented the Bank of Montreal, as the administrative agent, under $20 billion credit facility in connection with Chapter 11 proceeding involving Adelphia and its affiliates.
- Arcandor AG, Karstadt Warenhaus GmbH, Quelle GmbH. We represent Arcandor AG, Karstadt Warenhaus GmbH, Quelle GmbH as elected members of the creditors’ committee and as administrators of a supplier pool in Germany’s biggest insolvency proceedings.
- Bio-Treat Technology. We represented a committee of bondholders in relation to default obligations owed to them by Bio-Treat Technology Limited, involving the negotiated restructure of Bio-Treat bonds and settlement of issues in dispute between Bio-Treat and bondholders arising from Bio-Treat default.
- Commercial Real Estate. We represented Bank of America in its bulk loan sale, pursuant to a bid process, involving over 160 potential bidders, of 31 commercial real estate loans with an aggregate principal balance of almost $1 billion.
- Controladora Comercial Mexicana. We represent Barclays Bank PLC in ongoing litigation and restructuring negotiations with Controladora Comercial Mexicana S.A.B de C.V. (“CCM”), the largest supermarket chain in Mexico, and Vitro Envases Norteamerica (“Vitro”), the largest Mexican glass manufacturer. The International Financial Law Review named CCM the 2011 Restructuring Deal of the Year.
- Dubai Economic Council. We advised the Dubai Economic Council on the new insolvency law for Dubai and the United Arab Emirates.
- European Telecommunications Company. We represented a large European telecommunications entity in its Chapter 11 proceeding, which was conducted with a concurrent insolvency proceeding in the Netherlands. In this complex proceeding, over €10 billion of indebtedness was converted to equity.
- Ideal Standard. We represented the security agent on the multi-jurisdictional restructuring of the Ideal Standard group of companies.
- Lyondell Chemical Company. We represent Merrill Lynch Pierce Fenner & Smith, Inc. and Merrill Lynch Capital Corporation in their respective capacities as administrative agent and arranger for a syndicate of leading financial institutions on an $8 billion “second/ third-lien” merger financing in the Lyondell Chemical Company Chapter 11 proceedings.
- MGM Mirage. We represent Bank of America , as administrative agent, under the MGM Mirage $7 billion unsecured bank credit facility. In addition to bank debt, MGM Mirage has approximately $8 billion of bond debt.
- Moulin Global Eyecare Holdings. We represented Ferrier Hodgson, the provisional liquidators/liquidators, of Moulin Global Eyecare Holdings Limited (which has been reported to be the second largest corporate failure in Hong Kong’s history) on a number of cross-border issues across the United States and its Asian distribution network, as well as advising on structuring the transaction.
- Principal Hayley Hotel Group. We represent the board and borrowing companies of the Principal Hayley hotel group in relation to the £400 million restructuring of the group.
- Vinashin Shipbuilding Industry Group. We are acting on behalf of Vinashin Shipbuilding Industry Group, including a full business and financial review and legal due diligence on the Vinashin Group with a view to a comprehensive restructuring of the Group's operations and both foreign and domestic debt.
- WEPA Papierfabrik P. Krengel GmbH & Co. KG. We represented WEPA Papierfabrik P. Krengel GmbH & Co. KG. in connection with the acquisition of its Italian competitor Kartogroup S.p.A., Carraia/ Capannori; WEPA acquired Kartogroup, including its subsidiaries in France and Germany, in a multijurisdictional distressed M&A transaction through Italian insolvency proceedings.