Practice Areas

Distressed Assets

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.
  • 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.
  • 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