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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

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

Hunkemöller

Acting for an ad hoc group of noteholders of Dutch retailer Hunkemöller International BV, holding €84 million in notes.

Farfetch

Acting for the Liquidators of Farfetch Limited, the Cayman incorporated parent company to the Farfetch business – an online luxury fashion platform – to appoint officers and investigate and evaluate litigation options to recover value for the creditors after aggressive bridge-loan-to-own strategy.

Trinseo Group

Representing the Ad Hoc Group of Excluded Term Lenders in connection with the recently filed Chapter 11 of Trinseo Plc and its affiliates.

Selecta Group B.V.

Defending the directors of Selecta Group B.V. against a claim of breach of fiduciary duty under Dutch law arising from the debt restructuring of the Selecta Group.

GLAS Trustees Limited.

Acting for GLAS Trustees Limited as replacement trustee in a series of notes issued by Annington Funding Plc, totalling c. $2.7 billion in value.

Hellas II

Representing a group of noteholders issued by Hellas Telecommunications (Luxembourg) II (Hellas II) in connection with the enforcement of an approximately US$1.5 billion judgment obtained Hellas II.

Maiden Holdings

Counsel for Plaintiffs in litigation to enforce rights under an indenture governing Notes beneficially owned by Plaintiffs.

Luc Despins

Advising a Chapter 11 trustee on a sensitive cross-border bankruptcy involving high-profile allegations.

Endo GUC Trust

Representing Endo Litigation Trust in multi-billion dollar fraudulent conveyance action in connection with pre-bankruptcy acquisition of opioid manufacturer.

Smile Telecom

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

Portage Point Partners

Representing a leading U.S. middle-market focused business advisory and financial services firm, and its founder and Managing Director, on a RICO action arising from the Chapter 11 restructuring of Bouchard Transportation Company.

FTX/Giles

Defending $250 million in claw back claims brought by the FTX bankruptcy estate in connection with the pre-petition acquisition of the Embed company.

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.

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.

T-Bills Mutual Fund

Representing the joint voluntary liquidators of Income Collecting 1-3 Months T-Bills Mutual Fund in Chapter 15 recovery actions.

Hertz

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

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.

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.

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.

Abraaj Group

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

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.

Major Investment Bank

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

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).

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.

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.

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.

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.

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

*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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Get in Touch

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    110 Bishopsgate
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    75 Rockefeller Plaza
    New York, NY 10019

    • T: +1 (212) 970 2300
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