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Distressed Assets

William Fry’s Distressed Asset Group provides Tax, Financial Services, Regulatory, Real Estate and Restructuring and Insolvency advice to vendors and purchasers.

A combination of difficult economic, real estate and credit conditions presents challenges and opportunities for asset owners and investors. William Fry’s Distressed Asset Group combines the legal expertise necessary to provide timely Tax, Financial Services, Regulatory, Real Estate and Restructuring and Insolvency advice to both vendors and purchasers of distressed assets, whether based in Ireland or elsewhere. Where necessary, we can access our global network of international law firms and investment banks to deal with any cross-border issues associated with the transfer of these assets.

We offer our clients guidance and expertise on the opportunities available within the Irish market to sell and acquire distressed assets, and provide advisory services.

David Maughan

Partner

Lyn Brennan

Partner

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Experience

Our recent experience includes advising on the following:

Kennedy Wilson and Deutsche Bank on the acquisition of the Project Prince loan portfolio (real estate backed loans with a par value of €360m).
Gordon Brothers on its acquisition of the Clerys department store business.
A consortium of international banks which established an Irish securitisation SPV to acquire a portfolio of German loans and related mortgages funded by senior debt and mezzanine debt in the restructuring of the facilities.
Duke Street Capital, a private equity group based in the UK and France, on a novel cross border debt and capital restructuring of the Payzone group (the electronic payments network) which involved a debt for equity swap, and the disposal by joint receivers.
The funders to IWP International plc in relation to its debt restructuring which involved the secured creditors converting circa €57m of their existing debt to equity, resulting in them owning 90% of the enlarged share capital of the IWP Group and the delisting of IWP.
The Examiner of Structured Credit Company on its successful restructuring. SCC was the first Irish victim of the credit crunch.
The establishment of a QIF fund of funds to invest in distressed collective investment schemes at highly discounted net asset values.
A group of equity noteholders in a Lehman Anthracite securitization structure following the collapse of the Lehman Group.
AIB on the acquisition of the private banking business of ABN Amro and a transfer of assets under Section 33 of the Central Bank Act, 1971.
Domestic Irish lenders on the transfer of loan portfolios to NAMA.

Areas of Expertise

Acquisition and disposal of loan portfolios
Appropriate Irish and international taxation planning for the acquisition of distressed assets
Acquisition and disposal of distressed real estate
Restructuring of businesses and the accompanying acquisition or disposal of assets out of liquidation, examinership or receivership
Appropriate fund and other corporate structures utilised to acquire and hold distressed assets

Related Areas

Banking & Finance

Asset Management & Investment Funds

Restructuring & Insolvency

Tax

Real Estate

Practice Areas

Distressed Assets

William Fry’s Distressed Asset Group provides Tax, Financial Services, Regulatory, Real Estate and Restructuring and Insolvency advice to vendors and purchasers.

Key Contacts

David Maughan

Lyn Brennan