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 LondonComplex 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.
CLE credit is only available in NY.CLE Credits Available: Y
Practice:
- Finance Sector
- Restructuring
- Mergers and Acquisitions
Raniero D'Aversa Partner
New York
Ron is the designated restructuring counsel to many leading financial institutions such as The Royal Bank of Scotland, Bank of America, Citibank, Commerzbank, 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.
In the Restructuring (Including Bankruptcy): Corporate category of The Legal 500 US directory, Ron’s clients praise his “practical and strategic approach.” Another noted, “Each time I discuss an issue with [him], I am both amazed at his ability to understand my concerns and his complete knowledge of the subject. He puts me at ease and there is never a time that I cannot reach him.” Regarded as a leader in financial restructurings by clients and peers alike, Ron understands every phase of a bankruptcy and restructuring matter and knows how to effectively position a client to control opposition and maximize results.
Practice:
- Restructuring
- Insolvenzschiedsverfahren
- Banking & Finance
Evan C. Hollander Partner
New York
Evan Hollander has over 25 years of experience representing debtors, secured creditors, holders of fulcrum securities, distressed asset acquirers, and independent directors in complex U.S. and cross-border restructuring matters. Mr. Hollander is equally comfortable in the courtroom as he is at the negotiating table and the boardroom, and has extensive experience crafting and implementing restructuring plans. He frequently writes on insolvency related topics and routinely appears on panels at industry conferences.
Practice:
- Finance Sector
- Banking & Finance
- Corporate Lending
- Structured Finance
- Restructuring
- Mergers and Acquisitions
- Asset‐Backed Securities
- Maritime Finanzierung
- Private Credit
- France
- Africa
William S. Haft Partner
New York
Bill regularly advises clients on cross-border matters, including transactions in the maritime, energy and infrastructure and technology sectors. He has particular experience in the maritime sector, having guided various market participants on numerous complex international shipping and offshore corporate and capital markets deals and restructurings.
Reflecting feedback from his clients, Bill was named a BTI “Client Service All-Star” and is described by an IFLR1000 client commentator as “extremely responsive” with a “deep spectrum of knowledge,” in Banking and Finance.
Before joining Orrick in 2002, Bill practiced with two other international law firms in New York and Paris.