Centro
Acting for the consortium of Australian lenders (JPMorgan, ANZ, CBA, NAB, BNP
Paribas, Sumitomo, West LB and RBS) on the work-out and restructuring of the
Centro Properties group. The group is extremely complex and this is the most
significant Australian work-out to have occurred for some time. Our role acting
for the steering committee of the banks is at the core of the Centro
restructure.
Opes Prime
Acting for ANZ in the collapse of Opes Prime including on ANZ’s Securities
Lending Review and the proposed scheme of arrangement for the Opes companies. We
are also advising on potential claims by the liquidators as well as regulatory
issues, including an ASIC investigation regarding the collapse.
Agribusiness managed investment schemes
Acting for the Bendigo & Adelaide Bank, a secured lender involved in the $700
million collapse of Great Southern, and also for ANZ, as a secured lender in the
$900 million collapse of Timbercorp. Both of these matters involved very complex
managed investment schemes in the agribusiness sector and required dealing with
administrators/receivers, investors and their stakeholders including responding
to various claims (including potential class actions) and realising various
assets.
OZ Minerals
Acting for senior lenders to OZ Minerals, including in relation to arrangements
to support a restructuring of OZ Minerals' assets/businesses.
Nylex
Acting for the secured lenders and receivers McGrathNicol on all aspects of the
collapse of the Nylex Group, including supplier/customer dealings, litigation
brought by/against Nylex, employee/IR issues, FIRB/ACCC issues and business sale
arrangements.
MFS/Octaviar
Acting for a secured lender to MFS/Octaviar (a retail unit trust) in a
restructuring/standstill agreement, including advising on liability issues and
preparation/negotiation of successive short-term standstill agreements. We are
also acting for Bendigo & Adelaide Bank on a recovery action against MFS.
Allco
Acting for Allco on all aspects of this very complex restructuring of its
arrangements with its bankers, the sale process undertaken for various of its
assets, and advising on various related corporate and regulatory issues.
Lift Capital
Acting for the administrators of Lift Capital, a margin lending business
with 1,100 investor clients and involving A$750 million worth of leveraged
listed securities and units in managed funds. Our role includes advising on
rights and priorities under various lending arrangements, investigating
potential claims, applying to the court for directions on securities ownership
issues and assisting on the determination of investors’ claims.
FreightLink
Acting for the senior lenders and receivers in the restructuring and
receivership of the Alice Springs to Darwin Railway, including advising on the
appointment of receivers, workout/restructuring options and
preparation/execution of deeds of company arrangement. This is a very high
profile infrastructure project with a very complex financial structure,
involving foreign and domestic banks and the assistance of the Federal and
state/territory governments.
ION
Acting for the administrators of the ION Group (a very large car parts
manufacturer, with operations across Australia, New Zealand and the US). We are
advising on the public examinations of former directors and officers and the
determination of shareholder claims (over 3,000 proofs of debt totalling over
A$120 million). Following the decision in Sons of Gwalia, this is likely to
become one of the pioneer administrations to apply the principles laid down by
the High Court.
Westpoint
Acting for Suncorp-Metway in managing its exposure to the collapse of Westpoint
group (a large property development enterprise) and the receivers, McGrathNicol
on the completion and sale of property developments and numerous disputes with
the directors of the companies. We are also acting for KPMG as auditors of the
Westpoint group, including in relation to associated ASIC investigations and
related litigation.
Film financings
Acting for JPMorgan in a very large dispute involving simultaneous proceedings
in Sydney, New York and London relating to claims by various banks against
insurers concerning financing provided to Hollywood film productions. This
included advising on the enforcement of judgments across borders.
Ford
Acting in matters involving financially-distressed suppliers of car parts,
including in negotiations with voluntary administrators for the continued supply
of critical parts to major car manufacturers.
Merino
Acting for the administrators of Merino (one of Australia’s largest
importer/exporter and manufacturer of paper/plastic products). During the
administration, Merino continued to manufacture and supply products to existing
customers (including Woolworths, Coles and Metcash), the size and complexity of
which required ongoing the negotiation of new arrangements with parties critical
to the maintenance of the business as a going concern.
