Stephen Phillips is Co-head of the European Restructuring team and is based in London. He has extensive experience in advising banks, bondholders and corporate groups on restructuring, corporate and banking matters.

Chambers UK notes that Stephen is described by one client 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." He has published several articles in 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 is currently advising a large shipping group on a strategic review of its restructuring options, advising an ad hoc group on the restructuring of an Italian high yield bond, and advising the trustee in the restructuring of a large South African retailer.

    • Acting for an international drills rig group , Ocean Rig UDW Inc. in the strategic review and implementation of a  USD 4 billion debt restructuring through a Cayman scheme of arrangement.
    • Acting for the special committee of an international drill rigs company in a review of its strategic options in a debt restructuring.
    • Acting for Glas Trust Corporation Limited in the restructuring of the High Yield Notes of Edcon, South Africa’s largest retailer.
    • Acting for Glas Trust Corporation in the recent financial restructuring of SoLocal Group S.A., the leading French provider of digital local media and marketing.
    • Acting for an ad hoc bondholders' committee of bondholders of Waste Italia.
    • Acted for the trustee of bonds on the insolvency filing for Afren plc.
    • Advised Magyar Telecom BV, a holding company on Invitel ZRT, the Hungarian telecoms company, in the restructuring, implemented via a scheme of arrangement and Chapter 15 filing, in respect of its $425m of Notes.
    • Advised Reachlocal, and subsequently Duff & Phelps in its role as administrator of Reachlocal, on the pre-packaged sale in administration of Reachlocal UK's digital marketing business.
    • Acting for an alternative credit provider in potential debt investments in distressed African and European oil production companies.
    • Advising a hedge fund in its exposure to Lehman Brothers Europe.
    • Advising a UK healthcare business within a CMBS structure in a strategic options review process.
    • Advised the Industrial Union of Donbass on the restructuring of its $3.5 billion of debt.
    • Advised the Senior Steering Committee in relation to the restructuring of the debt of CTL Logistics, the Polish freight logistics company.
    • Advised Macquarie Bank in relation to the refinancing of its senior debt to Max Petroleum PLC.
    • Advised Jefferies and its affiliates in connection with a restructuring through a Luxembourg share pledge enforcement of Klöckner Pentaplast, one of the world's largest suppliers of plastic films and the provision of approximately €630 million of new debt facilities provided by Jefferies to fund the prepayment of existing senior facilities of Klöckner Pentaplast as part of the recapitalization.
    • Advised the junior committee of bondholders which held a significant amount of lower tier two bonds in government owned, Bank of Ireland, one of Ireland's leading banks.
    • Advised the Steering Committee of lenders in the restructuring of the debt of a holding company of one of the leading Kazakh banks, which completed in December 2011.
    • Advised the special servicer of a €250 million CMBS German real estate loan following the occurrence of default.
    • Advised the Steering Committee of Lenders on the restructuring of a $3 billion loan to a holding company of Bawag PSK, one of Austria's leading banks.
    • Advised Oy Sanitec (a leading European bathroom porcelain manufacturer) on the restructuring of its €880 million senior facility and €135 million second lien facility.
    • Advised Nordic Capital on the restructuring of Thule, the car box company.
    • Advised the committee of mezzanine lenders to Treofan, a German packaging company in a debt equity swap which enabled the mezzanine lenders to take control of the Treofan group.
    • Advised UPM, a leading Nordic paper manufacturer, in relation to their intended purchase of the Myllykoski and Rhein Papier Group.
    • Advised a leading UK investment bank on its €800 million exposure to a German property company.
    • Advised Basis Pac Rim, a leading Australian hedge fund, on its restructuring following the onset of the 2007/8 global financial crisis.
    • Advised the bondholders committee in the restructuring of the bonds of British Energy plc, the leading UK nuclear electricity producer.
    • Acting for EBX in the purchase of a FPSO vessel which was implemented via a security enforcement.