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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

“Pallas is in its element guiding creditor clients.”
GRR 100 2023

*Some of the matters listed above are matters on which members of our team were involved at previous firms.
  • Acting for institutional and retail holders in proceedings against the Swiss authorities, Credit Suisse and UBS in respect of the write-down of the AT1s and the merger between UBS and Credit Suisse.

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

  • Acting for group of unsecured lenders to bring foreign litigation with respect to the restructuring of Orpea Group, a French residential care company

  • Representing 2034 Noteholders of Bombardier Inc. in litigation to collect a make-whole payment arising from a covenant breach and to invalidate a vote-rigging liability management exercise.

  • Defending fraudulent transfer claims in Chapter 15 adversary proceedings brought by the trustee of Norske Skogindustrier, an insolvent Norwegian paper company, relating to a 2016 restructuring.

  • Representing an ad hoc group of unsecured noteholders of Revlon, the leading US-based global company dealing in cosmetics, skin care, fragrance, and personal care, in challenging a potential settlement between the estate and the official committee of unsecured creditors.

  • Representing holder of NY-law governed bonds issued by Kaisa, a Chinese property conglomerate in default on billions of dollars of international obligations.

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

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

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

  • 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.

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

  • 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.

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

  • Representing Ad Hoc Group of Hertz creditors to recover backstop fee owed in connection with restructuring of Hertz’s European businesses.

  • Represented Ad Hoc Group of Convertible Noteholders in Chapter 11 of Intelsat S.A., including as trial counsel in a three-week contested plan confirmation hearing.

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

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

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

  • 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.

  • 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 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.

  • 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.

  • Credit Suisse AT1 Holders

    Acting for institutional and retail holders in proceedings against the Swiss authorities, Credit Suisse and UBS in respect of the write-down of the AT1s and the merger between UBS and Credit Suisse.

  • Orpea

    Acting for group of unsecured lenders to bring foreign litigation with respect to the restructuring of Orpea Group, a French residential care company

  • Norske Skog

    Defending fraudulent transfer claims in Chapter 15 adversary proceedings brought by the trustee of Norske Skogindustrier, an insolvent Norwegian paper company, relating to a 2016 restructuring.

  • Kaisa Group Holdings

    Representing holder of NY-law governed bonds issued by Kaisa, a Chinese property conglomerate in default on billions of dollars of international obligations.

  • Major Investment Bank

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

  • 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.

  • 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.

  • Hertz

    Representing Ad Hoc Group of Hertz creditors to recover backstop fee owed in connection with restructuring of Hertz’s European businesses.

  • Shareholder Claims

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

  • 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.

  • 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).

  • 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.

  • Smile Telecom

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

  • Bombardier Inc.

    Representing 2034 Noteholders of Bombardier Inc. in litigation to collect a make-whole payment arising from a covenant breach and to invalidate a vote-rigging liability management exercise.

  • Revlon

    Representing an ad hoc group of unsecured noteholders of Revlon, the leading US-based global company dealing in cosmetics, skin care, fragrance, and personal care, in challenging a potential settlement between the estate and the official committee of unsecured creditors.

  • Scheme of Arrangements for Reinsurance Company

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

  • Group of Lenders

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

  • Leading Investment Fund

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

  • Abraaj Group

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

  • Intelsat, S.A.

    Represented Ad Hoc Group of Convertible Noteholders in Chapter 11 of Intelsat S.A., including as trial counsel in a three-week contested plan confirmation hearing.

  • 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.

  • 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.

  • 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.

“Pallas is in its element guiding creditor clients.”
GRR 100 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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