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Restructuring Litigation

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An Introduction to our Restructuring Litigation Practice

Our experience spans schemes of arrangement, restructuring plans, administrations, liquidations and CVAs, chapter 11 and chapter 15 proceedings, as well as cross-border recognition.

We have led the way in establishing the firm as a go-to for high-stakes contentious restructuring and insolvency-related disputes. We played leading roles on the Icelandic bank insolvencies, acting for over 70 senior creditors of the three major Icelandic banks (Glitnir, Kaupthing and Landsbanki) in the litigation and restructuring efforts that ensued following the 2008 collapse.

Building on that, we are recognised for our experience in bank wind-downs and sovereign/quasi-sovereign defaults and related litigation, as well as inter-creditor disputes in the context of insolvency/restructurings as well as, within that, enforcement settlements.

The focus and capability of our team is borne out of decades-long experience, recognising the important space we fill in bringing litigators’ skills to restructuring or insolvency situations. Outside of actual litigation, our contentious analysis adds strategic value and leverage for a client in negotiated restructurings.

Representative Experience

“The calibre of clients, work and lawyers speaks for itself.”

Legal 500 2023

*Some of the matters listed above are matters on which members of our team were involved at previous firms.
  • Acting for Smile’s majority shareholder and senior lender in respect of two Restructuring Plans, breaking new ground before the English Courts.

  • Representing creditor group of investment funds in prosecuting claims to recover backstop fee owed in connection with restructuring of multinational car rental company.

  • Defending fraudulent transfer claims in Chapter 15 adversary proceedings brought by the trustee of Norske Skogindustrier, an insolvent Norwegian paper company.

  • Representing creditor group of investment funds in challenging proposed bankruptcy plan in contentious restructuring of multinational satellite services provider and related inter-creditor disputes concerning alleged breaches of bond indentures.

  • Acting for major investor in challenge to expansive scheme of arrangement.

  • Advised the shareholders on claims against an aggressive loan-to-own enforcement strategy by a commercial competitor.

  • Advising a major investment bank on strategy and options in contentious financial sector restructurings in Portugal, Greece, Spain and Ireland.

  • Acting in complex proceedings before the English Courts to assert and retain rights to distributions and valuable statutory interest from the Lehman estates.

  • Representing a group of lenders in English and Spanish proceedings following the restructuring of English law debt under a Spanish homolagacion.

  • Advising a minority lender in complex multi-jurisdictional (Peru, New York, England, Singapore) proceedings concerning the restructuring of a fishing conglomerate.

  • Acting for a trustee in complex litigation (and related arbitration) proceedings relating to the bail-in of the Ukrainian bank PrivatBank, and the resultant failure to repay €500m of notes.

  • Acting for senior secured noteholders to resist the attempts of the Mclaren group to “trap-door” out assets in breach of the terms of the finance documents.

  • Advising a leading investment fund in respect of rectification proceedings concerning secured assets, as part of a broader restructuring.

  • Acting for over 70 institutions to bring complex legal proceedings arising out of the failure of the three major Icelandic banks (Landsbanki, Glitnir, Kaupthing)

  • Representing creditors of Bombardier Inc. in litigation alleging covenant breaches and abuse of bondholder rights.

  • Representing bondholder in challenging proposed bankruptcy plan and related inter-creditor disputes concerning corporate governance and fraudulent transfer claims in contentious restructuring of major media company.

  • Advising creditors of Puerto Rico’s Employee Retirement System, in connection with the Title III restructuring proceedings and related litigation against the U.S. and Puerto Rico under the Takings Clause.

  • Representing bondholder in prosecuting claims against multinational transportation conglomerate arising out of alleged breaches of bond indentures and defendant’s related obligation to pay “make-whole” premium.

  • Defending litigation arising from the Cayman Islands provisional liquidation of the Abraaj Group, a Dubai-based private equity firm.

  • Smile Telecom

    Acting for Smile’s majority shareholder and senior lender in respect of two Restructuring Plans, breaking new ground before the English Courts.

  • Norske Skog

    Defending fraudulent transfer claims in Chapter 15 adversary proceedings brought by the trustee of Norske Skogindustrier, an insolvent Norwegian paper company.

  • Scheme of Arrangements for Reinsurance Company

    Acting for major investor in challenge to expansive scheme of arrangement.

  • Major Investment Bank

    Advising a major investment bank on strategy and options in contentious financial sector restructurings in Portugal, Greece, Spain and Ireland.

  • Group of Lenders

    Representing a group of lenders in English and Spanish proceedings following the restructuring of English law debt under a Spanish homolagacion.

  • Madison Pacific

    Acting for a trustee in complex litigation (and related arbitration) proceedings relating to the bail-in of the Ukrainian bank PrivatBank, and the resultant failure to repay €500m of notes.

  • Leading Investment Fund

    Advising a leading investment fund in respect of rectification proceedings concerning secured assets, as part of a broader restructuring.

  • Bombardier Inc.

    Representing creditors of Bombardier Inc. in litigation alleging covenant breaches and abuse of bondholder rights.

  • Puerto Rico

    Advising creditors of Puerto Rico’s Employee Retirement System, in connection with the Title III restructuring proceedings and related litigation against the U.S. and Puerto Rico under the Takings Clause.

  • Abraaj Group

    Defending litigation arising from the Cayman Islands provisional liquidation of the Abraaj Group, a Dubai-based private equity firm.

  • Hertz

    Representing creditor group of investment funds in prosecuting claims to recover backstop fee owed in connection with restructuring of multinational car rental company.

  • Intelsat, S.A.

    Representing creditor group of investment funds in challenging proposed bankruptcy plan in contentious restructuring of multinational satellite services provider and related inter-creditor disputes concerning alleged breaches of bond indentures.

  • Shareholder Claims

    Advised the shareholders on claims against an aggressive loan-to-own enforcement strategy by a commercial competitor.

  • Leading Financial Institution

    Acting in complex proceedings before the English Courts to assert and retain rights to distributions and valuable statutory interest from the Lehman estates.

  • Complex Multi-jurisdictional Proceedings

    Advising a minority lender in complex multi-jurisdictional (Peru, New York, England, Singapore) proceedings concerning the restructuring of a fishing conglomerate.

  • McLaren

    Acting for senior secured noteholders to resist the attempts of the Mclaren group to “trap-door” out assets in breach of the terms of the finance documents.

  • Large Group of Institutional Investors

    Acting for over 70 institutions to bring complex legal proceedings arising out of the failure of the three major Icelandic banks (Landsbanki, Glitnir, Kaupthing)

  • LBI Media Inc.

    Representing bondholder in challenging proposed bankruptcy plan and related inter-creditor disputes concerning corporate governance and fraudulent transfer claims in contentious restructuring of major media company.

  • Multinational Transportation Conglomerate

    Representing bondholder in prosecuting claims against multinational transportation conglomerate arising out of alleged breaches of bond indentures and defendant’s related obligation to pay “make-whole” premium.

“The calibre of clients, work and lawyers speaks for itself.”

Legal 500 2023

*Some of the matters listed above are matters on which members of our team were involved at previous firms.

Key Contacts

  • Natasha Harrison

    Founder & Managing Partner

    Founding partner and legal powerhouse, Natasha is a barrister and solicitor who focuses on complex commercial litigation and arbitration disputes.
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  • Fiona Huntriss

    Partner

    Focusing on litigation and broader disputes strategies, Fiona’s portfolio encompasses high-profile finance litigation, restructuring and insolvency-related litigation, commercial litigation, shareholder disputes and sovereign debt disputes.
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  • Duane L. Loft

    Partner

    Duane leads Pallas’s New York practice. He represents clients in complex commercial litigation, with a particular focus on restructuring disputes, contested issues in bankruptcy, and cross-border litigation.
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  • Neil Pigott

    Partner

    Neil advises financial institutions and corporates on a broad range of domestic and international disputes involving debt or equity investments with a particular focus on special situations, restructuring and insolvency.
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    New York, NY 10019

    • T: +1 (212) 970 2300
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    Pallas Partners 2023