England - London • Finance

Milbank

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The ‘creative and dynamic’ team at Milbank remains best-known for its creditor-side excellence on behalf of an enviable roster of funds clients, where it is able to execute ’technical and commercially excellent’ strategies, both in and out of formal insolvency processes. Praised for its ‘ability to appreciate commercial dynamics, and push the envelope of legal documents and court processes to drive a restructuring’, this manifests itself both in the context of European or US restructuring processes. Yushan Ng, who now heads the team on his own following the recent retirement of Nick Angel, has deep market penetration among hedge fund clients, in particular, while also continuing to  generate work from CLOs and traditional asset managers. Karen McMaster has deep knowledge of restructuring processes and the underlying finance products (including high yield debt, TLBs and loans), consequently she is a popular choice among clients both at a contingency planning stage and in relation to the implementation of complex workout strategies, as well as realising value through new money led solutions.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • 'Milbank's restructuring team is the only one where it doesn't matter which partner you get. They are all technical and commercially excellent, with a deep breadth of knowledge.'
  • 'What makes them stand out is their ability to appreciate commercial dynamics, and push the envelope of legal documents and court processes to drive a restructuring. They are creative and dynamic.'
  • 'Very connected across the market. Both CLO players and distressed and fast money hedge funds. Knowledgeable and creative. They care about a fair outcome for all participants.'

Key clients

  • The Lenders to Schur Flexibles Group
  • Varde Partners Europe Limited, Teide Ltd and Mulhacen Pte Ltd
  • Ad Hoc Group of Noteholders of Officine Maccaferri SpA
  • Avanti Communications Group
  • Abu Dhabi Commercial Bank PJSC
  • Cerberus European Investments, LLC
  • Ad hoc group of secured creditors made up of lenders participating in a senior secured term loan facilities of circa $300m arranged by BNP Paribas.
  • Frigoglass Group
  • Ad Hoc Group of Noteholders of Adler Group SA
  • Lenders under a senior facilities agreement borrowed by Cinema City Finance (2017) BV, a subsidiary of Cineworld Group PLC
  • Ad hoc group of majority bondholders of senior secured stock issued by Intu Debenture plc

Work highlights

  • Advised a co-ordinating committee of lenders on the comprehensive debt-for-equity restructuring, new money financing and the consensual transfer of equity in Schur Flexibles Group (from the former shareholders to a lender-controlled vehicle).
  • Advised Teide, Mulhacen and the Sponsor as owners of Spanish regulated bank, WiZinkon, othe restructuring of Mulhacen’s approx. €560m senior secured PIK toggle notes and the raising of €280m new capital for the group.
  • Advised the ad hoc group holding the majority of outstanding notes of Officine Maccaferri on a ground-breaking restructuring, being the first successful court-supervised restructuring of a high yield bond and distressed debt-to-equity restructuring led by noteholders in Italy.

Lawyers

Hall of Fame

The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.

Leading individuals

Practice head

The lawyer(s) leading their teams.

Yushan Ng

Other key lawyers

Karen McMaster, Sinjini Saha, Kate Colman, Sarah Levin