Pandemic Fallout Fuels Growing Use of UK’s New Restructuring Plan
By David Manson, Partner & Philip Povey, Senior Associate, DLA Piper
A week is often described as a long time in politics, and so also, it seems, in the restructuring market. In May, one week alone saw significant strides forward with:
The judgment of Mr Justice Snowden in Virgin Active—the first contested showdown of the new Restructuring
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Philip Povey is a senior associate in the London office of DLA Piper. His practice focuses on complex cross-border and domestic special situations mandates. He works for a range of restructuring stakeholders across the capital structure in distressed contexts, including corporates/directors, private equity sponsors, distressed investors, financial institutions/alternative credit providers, trustees/agents and insolvency practitioners. Povey has considerable experience advising in connection with cram down processes, restructurings of public bond debt, workout negotiations, liability management transactions, and formal insolvency/enforcement.
David Manson is a partner in the Finance and Restructuring practice of DLA Piper in London. He has extensive experience in accelerated and distressed M&A processes, for both strategic and specialised investors, and is regularly involved in the planning and execution of prepackaged and prearranged transactions that use restructuring and insolvency processes in the UK and overseas. Manson’s recent experience includes many deals in the Nordics, where he has advised stakeholders across the capital structure in M&A, special situations, and cross-border restructurings.
