Breakfast Briefing: Taking a Leaf out of the Ocean Rig Restructuring

New Avenues for International Bankruptcies

Firm Event | November.02.2017 - November.09.2017

Orrick New York and London

Complex as any recapitalization of a multinational corporation could be, the Ocean Rig restructuring set a number of precedents and showed the path for future transactions with a number of groundbreaking features.

Ocean Rig's recent $3.7 billion restructuring made headlines, not only for its size but for a structure implemented via a number of interconnected Cayman schemes of arrangement which were recognized by a U.S. Bankruptcy Court. Notwithstanding the support from the overwhelming majority of creditors, the implementation was hotly contested in both the United States and Cayman.

Orrick partners from London and New York, together with Ocean Rig's restructuring financial adviser, Evercore, will discuss how the deal got done and how some of the new solutions that were developed can be applied to other international restructurings.

For further information on this event, please contact Danielle at [email protected].

 

CLE credit is only available in NY.

CLE Credits Available: Y

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Practice:

  • Restructuring
  • M&A and Private Equity

Raniero D'Aversa Partner Restructuring, M&A and Private Equity

New York

Raniero D’Aversa is chair of Orrick’s Restructuring group. He is a market-leading practitioner in bankruptcies, out-of-court restructurings and creditors’ rights controversies and brings years of experience representing DIP lenders, secured lenders, bank groups and hedge funds in those capacities.

Ron is the designated restructuring counsel to many leading financial institutions such as The Royal Bank of Scotland, Bank of America, Citibank, Commerzbank, Wells Fargo, Toronto-Dominion Bank and The Bank of Nova Scotia. He has represented clients in bankruptcies, workouts, DIP loans, distressed debt transactions, bankruptcy litigation, derivatives and distressed acquisitions. Ron has represented interests of financial institutions and investors in such restructuring and bankruptcy cases as Ocean Rig, Seadrill, CHC Helicopter, Erickson, Indiana Toll Road, Pocahontas Parkway, Eagle Bulk, Spyglass Films, American Airlines, Republic Airlines, Chemtura Corporation, Quebecor, AbitibiBowater, North Las Vegas, Ritchie Risk-Linked Strategies, Star Diamond, Lehman and Mesa Airlines.

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Practice:

  • Restructuring

Evan C. Hollander Partner Restructuring

New York

Evan Hollander, Senior Partner in Orrick’s New York office, is a member of the firm’s Restructuring group.

Evan has over 25 years of experience representing debtors, creditors and directors in a wide range of insolvency related matters – both in and out of court – with a particular emphasis on complex U.S. and cross-border restructurings.  In addition, Evan also assists clients seeking to acquire the assets of, or claims against, troubled companies, and in structuring commercial transactions to reduce or eliminate risk.

In addition to his extensive experience in U.S.-based restructuring matters, involving both U.S. domestic corporations and as well as foreign corporations seeking relief in the U.S., Evan has advised clients on numerous foreign and multi-national restructuring matters.

An active member of the American Bankruptcy Law Institute, Evan routinely speaks and writes on key topics in financial restructuring and insolvency law.

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Practice:

  • Restructuring
  • Finance

Stephen Phillips Partner Restructuring, Finance

London

Stephen is Co-head of Orrick's European Restructuring team, and brings significant experience in advising banks, bondholders and corporate groups on restructuring and banking matters.

Praised for his ‘pragmatic and clear advice’ by Legal 500 UK, Stephen's practice focuses on advising alternative credit providers, hedge funds and the special situation arms of investment banks. He and the team are well-placed to handle cross-border mandates as a result of Orrick's extensive European, Asian and US network of offices.

Clients describe Stephen as ‘very savvy from a commercial point of view. He understands what goals we are trying to achieve and finds a legal way to get us there’

Stephen has authored and published several articles in market leading business sector titles and is regularly quoted in national and sector press.

Having begun his career in Asia advising creditors affected by the Asia Currency Crisis, he returned to London to advise bondholder committees on High Yield / Fallen Angel bond restructurings in the early to mid-2000s.

During the global financial crisis Stephen’s experience focused on leverage finance restructurings and bank restructurings.  

Stephen’s principal recent engagements include advising the Ocean Rig group in its restructuring of USD 4bn debt through a Cayman scheme of arrangement, the special committee of the board of Seadrill Partners (SDLP) in respect of a transaction which insulated SDLP from the restructuring efforts of its parent company, Seadrill Limited, and the trustee of the High Yield Bonds of Pages Jaunes which was connected to the restructuring of the indebtedness of the Solocal group. In 2017 Stephen advised the trustee of the bonds of Edcon in its restructuring, a deal which American Lawyer awarded the Global Restructuring Deal of 2017.

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Practice:

  • Restructuring
  • Finance

Scott Morrison Partner Restructuring, Finance

London

Scott Morrison is a Partner in the firm's Restructuring group in London, focusing primarily on financial restructuring and insolvency.

Scott advises insolvency practitioners, creditors (including banks and alternative credit providers) and corporates on all aspects of national and cross-border restructuring and insolvency transactions.  He also advises on bank finance transactions on both borrower and lender side. 

Before joining Orrick, Scott was an associate in the restructuring team within the banking and finance group of an international law firm.

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Practice:

  • Banking & Finance
  • Structured Finance
  • Financial & Structured Products
  • M&A and Private Equity
  • Corporate
  • Asset Backed Securities
  • Restructuring
  • France
  • Africa
  • Maritime Finance
  • Fintech
  • Corporate Lending

William S. Haft Partner Banking & Finance, Structured Finance

New York

Bill Haft is a corporate finance lawyer and serves as head of Orrick’s global Banking & Finance group. He has a broad practice counseling international financial institutions and corporations in credit and capital markets transactions; bank, structured and asset finance; project finance; securities regulation and commercial law; mergers and acquisitions; joint ventures and restructurings. 

Bill regularly counsels clients in connection with cross-border matters, including maritime, energy and infrastructure transactions.

Reflecting feedback from his clients, Bill was recently named to BTI’s “Client Service All-Stars,” an exclusive recognition for lawyers who demonstrate superior client service. Described by an IFLR1000 client commentator as “extremely responsive” with a “deep spectrum of knowledge,” in Banking and Finance, Bill is also consistently recognized as a leading international lawyer by Chambers Global for his “experience working with French and other European clients on capital markets transactions.”

Bill has particular experience in the maritime sector having advised on numerous complex international shipping and offshore corporate and capital markets transactions and restructurings on behalf of a cross section of banks, arrangers, investors, owners and operators.

Before joining Orrick, Bill practiced with two other international law firms in New York and Paris.