Posts by: Orrick Restructuring Group

Ocean Rig Team Continues To Be Recognized for Groundbreaking Work

Posted on

Raniero D’Aversa and Evan Hollander accepting the Large ($1-5 billion) Turnaround of the Year Award at the Turnaround Atlas Awards on July 19, 2018.

The London-based members of the Ocean Rig team attending the second annual GRR Awards on June 26, 2018.

The Ocean Rig team accepting their awards at the gala hosted by M&A Advisor on June 18, 2018 in New York.

Our Ocean Rig team continues to garner recognition for our precedent-setting work on the transaction.

Most recently, the Ocean Rig transaction was named Large ($1-5 billion) Turnaround of the Year at the Turnaround Atlas Awards.

Last month, our Ocean Rig team was recognized with the Innovation in Cross-Border Insolvency and Restructuring Award during the second annual GRR Awards, hosted by Global Restructuring Review in London. The award highlights the deal’s precedent-setting pre-appointment CoMI shift.

Also in June, the restructuring of the Cayman Islands-based offshore drilling contractor won two awards at the M&A Advisor’s 2018 International M&A Awards: Restructuring of the Year ($1 – $5 billion) and Energy Deal of the Year.

Orrick Continues to be Ranked a Top Bankruptcy and Restructuring Firm by The Deal

Posted on

 

The Deal has published its 2017 bankruptcy and out-of-court restructuring league tables and again ranked Orrick as a top bankruptcy and restructuring law firm. The firm ranked:

Orrick’s Restructuring group has consistently earned an inclusion in the top ten bankruptcy legal advisor rankings in each quarter since 2015.

“We’re proud of Orrick’s continued top rankings in the Deal, which places us among the top tier bankruptcy firms internationally. Our rankings reflect the global nature of our work on some of the most complex bankruptcies and out of court restructurings of the year for both debtors and creditors”, said Raniero D’Aversa, Orrick’s Restructuring Practice Group Leader.  The group handled several high profile restructurings and bankruptcies in 2017, including the precedent setting $3.7 bn international restructuring for drill ship operator Ocean Rig, which included a Chapter 15 filing in New York and schemes of arrangement under Cayman Island law. Orrick also advised Toyota Motor Corporation in connection with its exposure in the highly publicized restructuring of airbag manufacturer Takata. The group also handled a unique bankruptcy proceeding involving tech start-up Lily Robotics, and advised lender groups and boards in the CHC and Seadrill bankruptcy cases. Other key matters have included advising creditors or trustees in major international restructurings for South Africa’s largest retailer, Edcon, French digital media group SoLocal, as well as French retailer Vivarte, among others.

The Deal’s Bankruptcy League Tables are the industry’s only league tables focused solely on active bankruptcy and out-of-court-restructuring cases. These rankings are compiled on a quarterly basis through comprehensive deal intelligence to identify the top law, crisis management, investment, and non-investment firms and professionals involved in bankruptcy transactions throughout the United States.  Firms are ranked based on advice provided to creditors, debtors and out-of-court restructurings.

Recast EU Insolvency Regulation Comes into Force

Posted on

 

On 26 June 2017, the Recast EU Insolvency Regulation (Council Regulation (EC) No. 2015/848) came into force. It will apply to all relevant insolvency proceedings (although existing and ongoing proceedings will continue to be bound by the EU Insolvency Regulation (Council Regulation (EC) No. 1346/2000) (the “EIR”)). The Recast EU Insolvency Regulation will have direct effect in all EU member states (except Denmark).”

The Recast EU Insolvency Regulation is an update of the EIR following ten years of insolvency practice and experience since the EIR’s implementation. Largely, it represents a codification of well-established insolvency practice developed across the EU under the EIR however, it also introduces new innovative steps which, it is hoped, mark a step forward in light of learnings under the EIR to address perceived issues or “gaps” in existing legislation. READ MORE →

Orrick Assists in the Restructuring of Leading French Digital Media Group SoLocal

Posted on

Orrick assisted GLAS Trust Corporation Limited in the recent financial restructuring of SoLocal Group S.A., the leading French provider of digital local media and marketing.

The main creditors involved were the lenders of around €835 million in senior secured bank debt and the holders of €350,000,000 8.875% senior secured notes due 2018 (the “Notes”). The restructuring agreed between the company, its shareholders and its creditors involved a partial cash prepayment of debt and a swap for new notes, warrants, convertible notes and equity. Shareholders received three free shares for every two existing ones held. Overall the restructuring resulted in a two-thirds reduction in debt (from €1.158 billion to €398 million) and greatly reduced leverage ratio. READ MORE →

Debtwire European Distressed Debt Market Outlook 2017

Posted on

 

The 2017 Debtwire European Distressed Debt Outlook report surveyed 100 distressed investors and 30 private equity funds to establish the outlook for 2017.  Jointly sponsored by Orrick and Greenhill, the report predicts that European restructurings will hit their next peak in 2017, with respondents citing interest rate rises (22%), geopolitical conflict (21%) and Brexit (16%) as the most important macroeconomic factors driving this trend.  READ MORE →

Orrick’s Marc Levinson Compares Chapter 9 to Chapter 11 for the Federal Judicial Center Website

Posted on

 

Orrick Restructuring Senior Counsel Marc Levinson is one of the chapter 9 experts assisting in the preparation of a chapter 9 manual for bankruptcy judges and court clerks that has been posted on the website of the Federal Judicial Center, an arm of the United States Courts which educates federal judges.  Among other things, the manual will discuss the differences between chapter 9 and chapter 11 bankruptcies. The below video comparing chapter 9 v. chapter 11 was prepared at the FJC’s request that Marc draw upon his experience representing the cities of Stockton and Vallejo, California, in their chapter 9 cases. It has been posted on the FJC’s website, but note that access to the video on that website is restricted to judges. READ MORE →

Orrick’s Marc Levinson Publishes Chapter 11 v. Chapter 9 Checklist in Practical Law

Posted on

 

In a recent article for Practical Law Bankruptcy, Restructuring Senior Counsel Marc Levinson prepared a comparison chart providing an overview of the major facets of a Chapter 9 municipal bankruptcy and comparing them to those of a traditional Chapter 11 bankruptcy. The Chart examines, among other crucial issues, commencement of the case, eligibility requirements, case administration, preference actions and plans. To read the full chart, please click here.

Orrick Lawyer Co-Authors Article Addressing Unique Confirmation Issues in Nonprofit Cases

Posted on

 

Orrick’s Evan Hollander co-authored an article for The Norton Annual Survey of Bankruptcy Law  (2016 Edition) addressing unique confirmation issues faced by nonprofit debtors in Chapter 11. The article addresses the applicability of the absolute priority rule, distinctive feasibility issues, and appropriate comparators when considering the best interests test in a nonprofit case. The authors identify emerging trends in nonprofit bankruptcy jurisprudence and suggest legislative action to help clarify certain ambiguities in the law. Read the full article here.

Orrick Ranked a Top 10 Bankruptcy and Restructuring Firm by The Deal

Posted on

 

The Deal’s latest Q3 2016 bankruptcy and out-of-court restructuring league tables again rank Orrick as a top bankruptcy and restructuring law firm. In the Out-of-Court Restructuring League Tables, Orrick earned a #6 ranking for creditor’s counsel in out-of-court restructurings. Additionally, the firm ranked #7 by billings in The Deal’s Bankruptcy League Tables for the third consecutive quarter in 2016. These are not the first league table distinctions Orrick’s Restructuring Group has garnered in 2016. In Q1, we were also ranked #5 for restructuring counsel to distressed companies. In 2015, we were earned an inclusion in the top ten bankruptcy legal advisor rankings in each quarter.

Over the past few months, Orrick’s Restructuring group has advised clients on several key restructuring matters, particularly in the areas of distressed energy and equipment finance. We have counseled a majority lender in the restructuring of Chesapeake Energy Corporation and the administrative agent in the restructuring of loans to Stonegate Production Company.

The Deal’s Bankruptcy League Tables are the industry’s only league tables focused solely on active bankruptcy and out-of-court-restructuring cases. These rankings are compiled on a quarterly basis through comprehensive deal intelligence to identify the top law, crisis management, investment, and non-investment firms and professionals involved in bankruptcy transactions throughout the United States.  Firms are ranked based on advice provided to creditors, debtors and out-of-court restructurings.

Orrick Honored by IFLR1000 as Leading Restructuring Firm

Posted on

 

IFLR1000 once again recognized Orrick’s restructuring group as a leading restructuring and insolvency practice in its 2017 rankings, reflecting our recent work representing major financial institutions in a variety of distressed situations, including energy/commodities, healthcare, and distressed municipalities.

IFLR1000 also identified several leading lawyers and rising stars amid our ranks. Practice Head Raniero D’Aversa and Partners Marc Levinson and Lorraine McGowen were again selected as leading lawyers, recognized by their peers and clients to be the leading figures in their specialist areas. Partner Laura Metzger and Of Counsel Nick Laveris were included as rising stars.

IFLR1000 provides tiered rankings of the leading financial and corporate law firms for different regions, markets and practice areas based on in-depth market research as well as peer and client feedback.