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Nabarro acts on restructuring trio
29 December 2008
Demonstrating its leading presence in the insolvency and restructuring field, Nabarro LLP is advising a number of companies, directors and insolvency practitioners on actual and potential insolvency and restructuring situations, including most recently the following three transactions for longstanding clients of the firm: Teathers Limited (formerly known as Landsbanki Securities (UK) Limited), a consortium comprising Laing O'Rourke, and London Scottish Bank plc.
After advising KPMG, as the administrators of Landsbanki Securities (UK) Limited, on the sale of Teathers Limited to Straumur, a Nabarro team has now advised on the sale from the administrators of the private client business to stockbrokers, Redmayne-Bentley. The firm drew up the sale and purchase documentation and advised KPMG in its discussions with the FSA, which permitted the transfer of client assets to the buyer. The Nabarro team was led by corporate partner, Richard Beavan and included Richard Bootle (corporate), and Patricia Godfrey and Andrew Lockerbie (restructuring).
Nabarro acted for a consortium of investors consisting of privately-owned construction giant, Laing O'Rourke, on the acquisition of the majority operations of pre-cast concrete manufacturer, Bison, which was in administrative receivership. Nabarro advised the new operating company, Bison Manufacturing Limited, on the acquisition and the banking arrangements for the deal. Nabarro also represented Laing O’Rourke on the joint venture documentation to ensure the efficient and prompt signing of the agreement by the administrators.
Peter Williamson corporate partner at Nabarro led the deal, assisted by associates Paul Gordon and Simon Pereira. Banking and finance partner Clive Swillman acted on the term loan and working capital facilities provided by Bank of Scotland. There was also specialist input from the real estate, tax, intellectual property, employment, environment and pensions teams. Lovells advised HBOS. PricewaterhouseCoopers, the administrative receivers, was advised by Eversheds.
Glyn Taylor, corporate partner, led a team advising London Scottish Bank plc, the secondary banking business, over many months in relation to regulatory capital shortfall issues, attempted resolution of these issues and eventual administration of the company. The transaction included advising on the sale of the invoice discounting business to Hitachi Credit for £29 million, and various negotiations with the FSA and HM Treasury and the appointment of an administrator to various group companies. The Nabarro team was supported by restructuring partner Patricia Godfrey, and included regulatory partner Rob Moulton, and corporate associates James Archibald and Kate Grayling.
Commenting on the recent activity, head of corporate Iain Newman, said:
“As clients go through the restructuring process our role is to ensure their interests, as well as the interests of their creditors, employees and shareholders, are protected. Nabarro is known for developing pragmatic solutions for our clients, and having the experience and capability of fielding multi-disciplinary teams enabled us to draw together our expertise in the different business facets of all these companies.”
If you would like any further information or have any queries please contact:
Charlotte Tandy
Lansons Communications
+44 (0)20 7566 9706
charlottet@lansons.com
