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Finance, Funds & Restructuring

Restructuring & Special Situations

Practical, comprehensive restructuring strategies backed by a deep global bench of talented lawyers with cross-border, multistakeholder experience

Restructuring and special situations is one of Ashurst Perkins Coie's core practice areas globally, with a full-range service in Europe, APAC, and the United States.

Financial distress, restructuring, and insolvency have increased in recent years due to economic challenges presented by the pandemic, rising interest rates and inflation, and a decline in market activity across sectors. When advising businesses in financial distress, lawyers need extensive technical knowledge, the ability to clearly explain the pros and cons of each option, and a strong understanding of stakeholders' interests to help clients optimize commercial outcomes.

Our team covers the field in terms of turnaround, restructuring, insolvency, and distressed investment legal services, with extensive experience in distressed M&As, wind-down transactions, and litigation related to bankruptcy and insolvency, including claims for breach of duty, preference, and fraudulent transfer litigation.

We pride ourselves on being one of the very few balanced restructuring practices globally, regularly representing clients across the capital structure on both domestic and cross-border restructuring and insolvency cases. We are experienced in providing counsel for debtors, creditors, sponsors, and other stakeholders through all aspects of insolvency, including in-court proceedings, out-of-court restructurings, turnaround matters, non-performing loans, and distressed investment.

Whether stabilizing a distressed company, leading a complex turnaround, or managing a major corporate collapse, our team helps clients protect value and optimize their positions.

Global network, local knowledge

We are at the forefront of the latest deal structures, techniques, terms, and processes across the United States, Europe, the Middle East, Asia, and Australia.

A truly balanced practice

We regularly advise a broad range of stakeholders, including borrowers, directors, clearing banks, and alternative investment funds in their capacity as senior, junior, and rescue finance lenders, bondholders, distressed investors, and insolvency practitioners.

Industry approach

Our experienced restructuring lawyers have a thorough understanding of the workings of key industry sectors, including technology, financial services, real estate, oil and gas, and infrastructure projects.

How we can help

Distressed acquisitions and investing

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Distressed acquisitions and investing

Global distressed investment opportunities are growing, and we work closely with Ashurst Perkins Coie's Corporate team to advise buyers, sellers, and targets on the range of options available in distressed M&A processes.

The methods and structures available to facilitate distressed debt trades are also expanding. We work with strategic and financial buyers to take proactive measures that help mitigate acquisition-related risks.

We assist clients with loan-to-own transactions, the sale or purchase of non-performing loan portfolios, and the sale or purchase of single credits in a distressed or par value context. We draw on extensive experience with stalking horse bidders, bid protections, breakup fees, and credit bidding to develop strategies that help clients compete effectively in contested sale processes.
Bankruptcy and insolvency litigation

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Bankruptcy and insolvency litigation

Bankruptcy and insolvency often spawn wide-ranging litigation, including claims for breach of fiduciary duty, corporate waste, IP rights, director and officer liability, employment law questions, asset recovery, and disputes over the interpretation or performance of agreements or opposition to the exercise of remedies. Insolvency litigation has increased, making it essential to protect assets, minimize risk, and preserve value.

Whether facing an immediate challenge or a need to protect assets in the future, our team has broad experience in advising and acting in complex cases for creditors, investors, debtors, and management.

We advise on insolvency-related litigation, enforcement proceedings, dispute resolution, and other recovery techniques to assist recoupment of shortfalls from the proceeds of secured assets. We are also able to draw on the strengths of lawyers in other practice areas, including patent prosecution and litigation, insurance coverage, business litigation, labor law, tax, and corporate governance to provide a seamless, multidisciplinary service.
Corporate debtors and insolvency

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Corporate debtors and insolvency

We represent debtor clients across the full spectrum of restructurings, from out-of-court workouts to insolvency proceedings and in relation to nonperforming loans. Where restructuring options are unavailable or have been exhausted, or formal insolvency processes are needed to implement a restructuring, an effective plan of action can provide relief and the opportunity to revive a business.

Our team has in-depth knowledge of administration, liquidation, and receivership procedures across the United States, Europe, the Middle East, Asia, and Australia, and we have advised on numerous trading administrations, prepack administrations, and receiverships.
Our range of clients

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Our range of clients

Our restructuring team are active in key jurisdictions in the United States, Europe, Asia, the Middle East, and Australia. We take a hands-on approach in representing secured and unsecured creditors, creditor committees, trustees, and equity holders. We have particularly deep experience representing commercial mortgage-backed security (CMBS) special servicers, official creditor committees, private equity and venture capital funds, strategic and family office investors, and estate fiduciaries.

Many of our clients are household names and leaders in their respective fields, engaging in complex and, often, cross-border business and investment activities.
Appeals

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Appeals

We are active in representing clients on insolvency-related matters with regulators, and before courts and tribunals, including appeals before higher courts in a wide range of jurisdictions, including the United Kingdom, the European Union (and several of its Member States), Australia, and Asia, as well as the United States, where our team regularly appears before federal district courts, appellate panels, and the Supreme Court.