Restructuring and insolvency

As a partner with vast experience in advising on all aspects of financial distress, restructurings and insolvencies, some examples of Sue's notable mandates are:

Winsway Enterprises Holding Limited (now called E-Commodities Holdings Limited) 

Advising a Hong Kong Stock Exchange listed company on its major restructuring, through parallel Hong Kong and BVI schemes of arrangement and Chapter 15 proceedings. The deal was shortlisted for restructuring deal of the year at the British Legal Awards and won Global Restructuring Review's Award for the 'Most Important Recognition Decision' in 2017.  

AI Scheme Limited: scheme of arrangement

Advising, devising and leading on a ground breaking major scheme of arrangement involving 11 banks, 2 million consumers, and various regulatory authorities which utilised an orphan trust structure.

Angel Group Limited and subsidiaries (in administration)

Advising the administrators of this group of companies in connection with significant litigation.

Monarch Airlines

Playing a pivotal role in this large 2014 restructuring, advising in connection with the restructuring of the substantial pension deficit, and then advising on the 2017 administration.

Various confidential restructurings

Advising on many confidential restructurings in a variety of sectors often including contingency planning.

Pan Ocean Co Limited

Advising a syndicate of lenders in connection with English litigation arising from the Korean rehabilitation proceedings in connection with this huge shipping group.

Latvijas Krajbanka (in liquidation)

Advising the insolvency office holder of this collapsed Latvian bank in connection with litigation strategies and then ensuing major fraud litigation in the English court.

The Co-operative Bank Plc

Advising the trustee of the various issues of notes affected by the liability management exercise undertaken by the Bank, including the exchange offer and consent solicitation and the scheme of arrangement.

RSM Tenon

Advising the purchaser of the Tenon group, the UK’s seventh largest accountancy practice, on its purchase of the Tenon group through a pre-pack administration.

Thomson Directories

Advising this company on its restructuring, which had significant cross border considerations as a result of the Italian parent's concordato preventivo restructuring proceedings, and then advising the administrators on the pre-pack and other matters.

KCA Deutag

Advising the administrators on the $2 billion restructuring of this international rig and drilling contractor, consummated by a pre-pack. The deal won restructuring deal of the year at the March 2012 IFLR Europe Awards.

Federal Mogul/ T&N

Acting on this major and lengthy cross border restructuring, involving parallel US Chapter 11 and administration proceedings. The case was nominated for restructuring deal of the year in The Lawyer Awards.

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Accountancy firms

KPMG LLP

Advising partners of KPMG LLP in their capacity as administrators of Angel Group Limited and subsidiaries (a property group) on significant litigation.

Confidential

Advising partners of a 'Big 4' firm in their capacities as former administrators on claims concerning allegedly mis-sold swaps.

KPMG Baltics SIA

Advising KPMG Baltics as insolvency officeholder of Latvijas Krajbanka (in liquidation), a collapsed Latvian bank, in connection with litigation strategies and ensuing major litigation.

RSM Tenon

Advising Baker Tilly as purchaser of the financially distressed Tenon group, the UK’s seventh largest accountancy practice, on its purchase of Tenon's business and assets through a pre-pack administration.

Deloitte LLP

Advising partners in Deloitte LLP in their capacities as administrators on the award winning $2 billion restructuring of KCA Deutag, an international rig and drilling contractor.

More: Accountancy firms

Professional services

Sue is known for advising insolvency office holders and also in connection with financially distressed professional services businesses, for example:

RSM Tenon

Advising the purchaser of the financially distressed Tenon group, the UK’s seventh largest accountancy practice, on its purchase of the Tenon business and assets through a pre-pack administration.

Financially distressed practice of architects

Advising market leading practice on issues in connection with financial distress, a process which resulted in them avoiding insolvency.

​Confidential

Advising partners of a 'Big 4' firm in their capacities as former administrators on claims concerning allegedly mis-sold swaps.

More: Professional services

Banks and banking

Sue advises banks on all issues in connection with non-performing loans and defaults, and also deals with the distress faced by banks themselves. Examples of her experience include:

Pan Ocean Co Limited

Advising a syndicate of lenders in connection with English litigation arising from the Korean rehabilitation proceedings in connection with this huge shipping ​group.

The Co-operative Bank Plc

Advising the trustee of the issues of notes affected by the liability management exercise undertaken by the Co-op Bank, including the exchange offer and consent solicitation and the scheme of arrangement.

Latvijas Krajbanka (in liquidation)

Advising the insolvency office holder of this collapsed Latvian bank.

The Lehman collapse

Acting for various creditors and counterparties and also as conflict counsel for the administrators.

Petroplus

Advising major bank in connection with the facilities granted to this insolvent Swiss oil refiner.

Project Honey

Advising a bank syndicate on the restructuring of a major non-UK telecoms company.

More: Banks and banking

Energy and natural resources

Sue has dealt with a number of notable restructurings and insolvencies in the energy sector, including:

​Winsway Enterprises Holdings Limited (now called E-Commodities Holdings Limited)

Advising a Hong Kong Stock Exchange listed company on its major restructuring, through parallel Hong Kong and BVI schemes of arrangement and Chapter 15 proceedings. The deal was shortlisted for restructuring deal of the year at the British Legal Awards.

KCA Deutag

Advising the administrators on the $2 billion restructuring of this international rig and drilling contractor, consummated by a pre-pack. The deal won restructuring deal of the year at the March 2012 IFLR Europe Awards.

Petroplus

Advising major secured creditor on its position in connection with facilities granted to this Swiss insolvent oil refiner.

Bridgewater Paper Company/Abitibi

Advising major stakeholder on the UK administration proceedings in respect of Bridgewater Paper Company and on the parallel US Chapter 11 and Canadian CCAA proceedings in respect of its parent and other members of the Abitibi group.

More: Energy and natural resources

Shipping

Sue has dealt with a number of notable restructurings and insolvencies in the shipping sector, including:

Pan Ocean Co Limited

Advising a syndicate of lenders in connection with English litigation arising from the Korean rehabilitation proceedings in connection with this huge shipping group.

Genco Shipping

Advising bank syndicate on financial restructuring implemented through Chapter 11 proceedings.

Hanjin

Supporting Stephenson Harwood's Singapore team in this major cross border insolvency.

Botany Bay group of companies

Advising group of companies on a wind down strategy through English administration and Singaporean provisional liquidation proceedings, and then acting for the administrators.

Cenargo

Acting for the provisional liquidators and the administrators of this group, which following a jurisdictional dispute, was restructured through a debt for equity swap with noteholders.

More: Shipping

Rail

Sue is has particular experience in dealing with financial distress in the rail sector. For example, she has advised on:

Metronet Rail

Advising certain consortium members on a diverse range of issues in connection with the PPP administrations of these companies that were responsible for the maintenance of the tube.

Jarvis Rail

Acting for the administrators of this group, both pre and post-appointment, on all aspects of planning for the administration and then on the administration itself.

Large rail contractor

Advising on rights under complex contractual structure upon major counterparty's insolvency.

More: Rail

UK

Sue has vast experience in advising on all issues arising in connection with financial distress involving UK corporates and other stakeholders. Notable matters include:

Toys R Us

Acting for the Administrators of the English entities in this group, advising on a variety of matters.

Monarch Airlines

Playing a pivotal role in this large restructuring, advising in connection with the restructuring of the substantial pension deficit.

AI Scheme Limited

Advising, devising and leading on a ground breaking major scheme of arrangement involving 11 banks, 2 million consumers and various regulatory authorities.

The Co-operative Bank Plc

Advising the trustee of the various issues of notes affected by the liability management exercise undertaken by the Co-op Bank, including the exchange offer and consent solicitation and the scheme of arrangement.

RSM Tenon

Advising the purchaser of the Tenon group, the UK’s seventh largest accountancy practice, through a pre-pack administration.

KCA Deutag

Advising the administrators on the $2 billion restructuring of this international rig and drilling contractor, consummated by a pre-pack. The deal won restructuring deal of the year at the March 2012 IFLR Europe Awards.

More: UK

Asia

Sue regularly works alongside our restructuring and insolvency teams across Asia. Notable mandates include:

Winsway Enterprises Holding Limited (now called E-Commodities Holding Limited)

Advising a Hong Kong Stock Exchange listed company on its major restructuring, through parallel Hong Kong and BVI schemes of arrangement and Chapter 15 proceedings. The deal has been nominated for restructuring deal of the year at the British Legal Awards.

Pan Ocean Co Limited

Advising a syndicate of lenders in connection with English litiagtion arising from the Korean rehabilitation proceedings in connection with this huge shipping group.

Hanjin

Supporting Stephenson Harwood's Singapore team in this major cross border insolvency.

Botany Bay group of companies

Advising these companies on a wind down strategy through English administration and Singaporean provisional liquidation proceedings, and then acting for the administrators.

More: Asia

North America

Sue has particular experience in dealing with restructurings and insolvencies with a major US element, often also involving off-shore jurisdictions. Notable mandates include:

Genco Shipping

Advising bank syndicate on financial restructuring implemented through Chapter 11 proceedings.

Federal Mogul/T&N

Advising the administrators on this major and lengthy cross border restructuring, involving parallel Chapter 11 and administration proceedings. The case was nominated for restructuring deal of the year in The Lawyer Awards.

Bridgewater Paper Company/Abitibi

Advising major stakeholder on the UK administration proceedings in respect of Bridgewater Paper Company and the parallel Chapter 11 and Canadian CCAA proceedings in respect of its parent and other members of the Abitibi group.

Global Crossing

Acting for the provisional liquidators in the restructuring of this group, involving parallel Chapter 11 and Bermudian provisional liquidation proceedings.

Cenargo

Acting for the provisional liquidators and the administrators of this group, which involved a transatlantic jurisdictional dispute and the first ever conference call between the US Bankruptcy Court and an English Companies Court Judge.

Navigator/Cambridge Gas Transport

Acting for the liquidator of the Manx companies in this restructuring involving Chapter 11 proceedings and liquidation proceedings in the Isle of Man, which gave rise to one of the most important judgments in recent years.

More: North America

Europe

Sue has significant experience in advising on financial distress involving jurisdictions across Europe. Notable matters include:

Thomson Directories

Advising this company on its restructuring, which had significant cross border considerations as a result of the Italian parent's concordato preventivo restructuring proceedings, and then advising the administrators.

Latvijas Krajbanka (in liquidation)

Advising the insolvency office holder of this collapsed Latvian bank.

Project Honey

Advising a bank syndicate on the restructuring of a major European telecoms company.

Petroplus

Advising major secured creditor on its position in connection with facilities granted to this Swiss insolvent oil refiner.

More: Europe