Restructuring, Insolvency and Bankruptcy

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Restructuring, Insolvency and Bankruptcy

Restructuring, Insolvency and Bankruptcy

You are currently viewing Dentons' global capabilities in Restructuring, Insolvency and Bankruptcy. To view regional capabilities please select below:

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When restructuring, insolvency or bankruptcy appears and financial distress threatens a business, rapidly maximizing values is key. Whether the challenge appears at headquarters or in a foreign jurisdiction, today’s global marketplace presents the decision-maker with a complex web of possible outcomes and legal strategies. Protecting your interests can be a daunting task when faced with conflicting economic interests, emotions and sometimes multiple legal systems and cultural norms. And it has never been more critical to be adroitly advised and flexibly responsive when considering which jurisdictions, laws and industry practices will result in the most ideal outcome.

Whether you’re managing a real estate portfolio, a distressed manufacturer or health care service provider; purchasing a weakened retail operation or struggling energy business; or simply a trader of heavily discounted sovereign and institutional debt and other securities, you can rely on us to take the edge off your anxiety. Dentons’ lawyers in offices around the world possess a deep understanding of your markets, wherever you trade and invest.

We grasp the complexities of your industry and bring a cross disciplinary team to assist. Side by side, we navigate intricate legal challenges and discover the best possible opportunities. Whether you need creative litigation or arbitration strategies, innovative negotiating tactics born from real-world experience or practical guidance in cross-border restructuring, we deliver the latest insights and known solutions so you can act with speed and confidence.

With a passion for identifying effective advocacy and representation, we become a dynamic force on your side. Together, we discover the best course of action in a high-stakes situation.

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Experience

Ad Hoc Creditors’ Committee (AHC), which comprises Franklin Advisers, Inc., BTG Pactual Europe LLP, TCW Investment Management Company, and T. Rowe Price Associates, Inc: Advising on Ukrainian law matters in relation to the ground-breaking restructuring of Ukraine’s sovereign debt. Ukraine successfully launched exchange offers in relation to 14 sovereign and sovereign-guaranteed Eurobonds with outstanding principal amounts of approximately US$18 billion. The deal was innovative due to successful investor-state coordination and the latest application of equity principles in sovereign finance.
ALPINE Bau GmbH: Advising Singapore Branch in its provisional liquidation, and subsequently, liquidation in Singapore, following the parent company’s liquidation. ALPINE Bau GmbH was a major European construction company which was one of the main contractors for the downtown underground line in Singapore. Its collapse in Europe led to the termination of the contracts, including that with the Land Transport Authority of Singapore valued at more than S$600 million.
Carillion plc: Carillion plc: Advising Her Majesty's Government on contingency planning as a result of the financial crisis affecting the facilities management and construction services giant with 300+ subsidiaries and turnover exceeding £5bn. Structuring and implementing the liquidation of the company and numerous subsidiaries with numerous appointments of Special Managers. Advising the Official Receiver as Liquidator and PricewaterhouseCoopers as Special Managers (and as Liquidators of a substantial business in Scotland). Advising on all aspects of their appointments, including continuity of supply, transfer of hundreds of contracts to other suppliers or to government (in respect of public sector contracts), complex employment and pensions issues, the group's litigation and construction disputes, business disposals, PFI contracts, real estate matters and environmental issues.
China National Erzhong Group Co.: Representing as court-appointed insolvency administrators. Dentons achieved a framework of an out-of-court plan absorbed by the court and financial creditors. One of the merits of the “Erzhong Cases” is the characteristic of pre-packaged that step from out-of-court into in-court process.
ERP Compliant Fuels, LLC: Representing this natural resources company focused on the acquisition of assets within the coal, iron ore and steel making cycles in multiple transactions. The book value of assets involved in each of these representations range from hundreds of millions to billions of dollars. Dentons has been awarded The Global M&A Network’s 2017 "Turnaround Atlas Award" for Cross-Border Turnaround of the Year in connection with the representation of Conuma Coal Resources Limited in its acquisition of Walter Energy Canada assets and the "Turnaround Atlas Award" for Community Impact for ERP Iron Ore, LLC's acquisition of Magnetation. Both purchasers are members of the ERP Compliant group.
Hatfield Colliery Partnership Limited: Acting for this deep coal mine operator on a series of financial restructurings including bilateral loans with the National Union of Mineworkers, and the Department for Business, Innovation & Skills (DBIS); sale and lease back arrangements with a key stakeholder; and a £20 million reimbursable grant from DBIS by way of Closure Aid (a form of State aid).
Lehman Bankhaus German (affiliate of Lehman Brothers Holdings, Inc.): Representing in its complex claims against, and transactions with, other Lehman entities. We also represent numerous other clients in a wide variety of matters worldwide arising out of the Lehman collapse, including hedge funds and other financial institutions in connection with the administration of the English Lehman companies. This is especially true in relation to prime brokerage issues and International Swaps and Derivatives Association close-out positions.
Montréal, Maine & Atlantic: Acting as counsel to directors, officers and certain related companies of US and Canadian cross border debtors Montréal Maine & Atlantic Railway, Ltd. and Montréal Maine & Atlantic Canada Co. in simultaneous cross-border insolvency proceedings arising from the derailment of 72 tanker cars carrying Bakken crude oil through eastern Quebec, resulting in 47 casualties and hundreds of millions of dollars of property and environment claims. A mass tort case that achieved an unprecedented CA$450 million settlement fund to be administered jointly between the debtors' US and Canadian estates.
Nortel Networks Inc: Serving as Canadian counsel for the Official Committee of Unsecured Creditors and certain of its direct and indirect subsidiaries in the cross-border CCAA/Chapter 11 proceedings.
Official Committee of Retirees for the City of Detroit: Representing the Official Committee of Retirees in the largest Chapter 9 bankruptcy case in US history. The Committee represented the interests of approximately 23,500 public safety and general City retirees, as well as the interests of approximately 9,000 dependents, who were owed approximately US$9 billion in pension and retirement health care benefits. With the assistance of Dentons, almost all pension benefits were protected and health care benefits payments continued. Dentons was awarded The M&A Advisor’s 2014 “Restructuring of the Year Award” and Global M&A Network’s 2015 “Turnaround Atlas Award” for this representation.
Official Committee of Unsecured Creditors of Hovensa LLC: Representing the Official Committee of Unsecured Creditors of Hovensa LLC in the Chapter 11 proceedings of Hovensa, a joint venture owned by a subsidiary of Hess Oil and Venezuela-owned PDVSA. The case achieved a sale in less than four months, which had previously had failed to be accomplished over a period of a year pre-bankruptcy, allowing unsecured creditors to receive a substantial recovery.
PricewaterhouseCoopers: Advising the administrators of LB Holdings International 2 Limited, the main holding company of Lehman Brothers International (Europe) (LBIE), on all legal matters relating to the insolvency of that company, including advice in relation to the ranking of claims in the insolvency of LBIE (the Waterfall Application) which has been heard at the Court of Appeal.
PROKON (Dietmar Penzlin as insolvency administrator of Prokon and after termination of insolvency proceeding Prokon eG): Dentons has conducted the annual audits since the opening of the insolvency proceedings and we were appointed as security trustee and joint representative for the new secured bond and the new secured loan. We also advised in connection with the design of the insolvency plan procedure (dual track with cooperative model and third party investor EnBW). The concept of two separate insolvency plans as dual track regarding the bondholders’ debt-to-equity swap option and the mark to market third party offer of EnBW was used for the first time in Germany. The main creditors in the proceedings are the holders of the participation rights with claims exceeding €1.5 billion.
St George Bank and KordaMentha: Acting for the bank and receivers and managers in connection with the recovery of approximately AUD$35 million of financial accommodation provided by the bank to a nationally operating building and construction group, including: sale of assets provided as security to the bank; recovery of book debts and other amounts due under construction contracts; advising on certain voidable transactions; advising on matters concerning the enforcement of the bank’s security and its rights and the obligations of the receivers and managers.
Solarwatt AG: Advising on a successful restructuring in the context of a protective shield proceeding as a debtor-in-possession within a three month period from the filing for insolvency until the termination of the insolvency proceeding. Work involved drafting and proposing a restructuring plan including the reorganization of the company’s performance and finances; implementing the restructuring concept via a capital reduction to zero with a subsequent cash and capital increase; and applying the new provisions to the insolvency plan procedure. In addition, we recently advised the company on the successful acquisition of the distribution units of the Centrosolar brand in Europe, which reflects the sustainability of this restructuring and is an opportunity for Solarwatt to extend further its market position in Europe and its portfolio.
Veris Gold Group of Companies: Acting as counsel for the Monitor in connection with the Group’s CCAA proceedings in Canada as well as Chapter 15 proceedings in the U.S. and with respect to the disposition of the Veris Gold USA Inc. operating and real estate assets to Whitebox Advisors LLC. Advising on all aspects of the restructuring and sale which involved properties on both sides of the border including, notably, the operating gold and milling project in Nevada with annual revenue in the range of US$200 million. This deal has won Mining Deal of the Year, Cross Border Restructuring Deal (up to US$100M) and Real Estate Deal of the Year by Teh M&A Advisor and Judicial Restructuring of the Year award for Small Markets by Global M&A Network.

Recognition

Partner Tania Moyron recognized as one of Los Angeles’ top 100 lawyers

April 24, 2025

For the second year in a row, partner Tania Moyron has been named to the Los Angeles Business Journal’s Top 100 Lawyers.

Dentons Hong Kong shortlisted for China Dispute Resolution Law Firm of the Year at Chambers Asia-Pacific and Greater China Region Awards 2025

March 4, 2025

Dentons Hong Kong has been shortlisted for "China Dispute Resolution Law Firm of the Year" at the Chambers Asia-Pacific and Greater China Region Awards 2025.

Chambers Germany 2025: Dentons consolidates its ranking position

February 20, 2025

The inaugural edition of the Chambers Germany guide has recognized 14 Dentons lawyers as leaders in their respective fields. Additionally, Dentons’ teams across Germany received practice and sector rankings in nine areas.

View all recognition for Restructuring, Insolvency and Bankruptcy

Insights

Giving a company the best opportunity to continue in existence

April 29, 2025

Australia: Part 5.3A and Schedule 2 of the Corporations Act 2001 (Cth) (Act) aims to allow a company facing financial difficulty the best opportunity to continue to operate.

Breaking new ground: Court dispenses with Arthur Wishart Act disclosure requirements in landmark insolvency case

March 14, 2025

Justice Osborne’s Endorsement in Re: TBS Canada grants novel relief to the mandatory franchise disclosure requirements under the Arthur Wishart Act (Franchise Disclosure), 2000 (Arthur Wishart Act) in the context of the Companies’ Creditors Arrangement Act (the CCAA).

The interplay between insolvency proceedings and arbitration clauses

February 17, 2025

Mauritius: It is of note that arbitral proceedings are not incompatible with litigation before the courts. There has been a paradigm shift to the effect that arbitration and courts are deemed as complementary jurisdictions that assist parties in controversy to resolve disputes as sensibly and promptly as possible.

View all insights for Restructuring, Insolvency and Bankruptcy

News and Events

Recent Press Releases

Joshua Jones strengthens Dentons Banking and Finance Practice in New Zealand

April 29, 2025

New Zealand: Dentons in New Zealand continues to strengthen its Banking and Finance team with the arrival of Joshua Jones, on 28 April 2025.

Hat Trick of Honors: Dentons lawyers shine nationally in 2026 Best Lawyers in Australia™

April 17, 2025

Dentons is proud to announce that its senior lawyers have been recognised across all three individual award categories in the 2026 Edition of The Best Lawyers in Australia^™.

In total, 40 lawyers have been recognised in The Best Lawyers in Australia™ (2026 Edition), after being nominated by their peers as leading practitioners in their fields of practice, spanning 39 specialties.

Dentons advises hubergroup’s promissory note creditors on full repayment of promissory notes

April 11, 2025

Global law firm Dentons has advised hubergroup’s promissory note creditors on the full repayment of the company’s promissory notes.

View all press releases for Restructuring, Insolvency and Bankruptcy

Regional Capabilities

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Restructuring, Insolvency and Bankruptcy

Restructuring, Insolvency and Bankruptcy

More About Restructuring, Insolvency and Bankruptcy

Experience

Recognition

Partner Tania Moyron recognized as one of Los Angeles’ top 100 lawyers

Dentons Hong Kong shortlisted for China Dispute Resolution Law Firm of the Year at Chambers Asia-Pacific and Greater China Region Awards 2025

Chambers Germany 2025: Dentons consolidates its ranking position

Insights

Giving a company the best opportunity to continue in existence

Breaking new ground: Court dispenses with Arthur Wishart Act disclosure requirements in landmark insolvency case

The interplay between insolvency proceedings and arbitration clauses

News and Events

Recent Press Releases

Joshua Jones strengthens Dentons Banking and Finance Practice in New Zealand

Hat Trick of Honors: Dentons lawyers shine nationally in 2026 Best Lawyers in Australia™

Dentons advises hubergroup’s promissory note creditors on full repayment of promissory notes

Regional Capabilities

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