Restructuring and Special
Situations

Key contacts

Not every journey is predictable – businesses arealways faced with challenges, including adverse
movements in availability of liquidity, regulatory
upheaval, depressed investor sentiment and otherunwanted surprises.

Tom Astle,

These factors can force owners, issuers, borrowers,
boards and creditors to re-evaluate their positions.
Early restructuring solutions can help avoid financial
crisis further down the line, and a strong contingency
plan to fall back on will provide protection for abusiness if a consensual solution isn't possible.

Hong Kong

LondonPhilippe Druon,
ParisJonathan Leitch,
Christopher R. Donoho III,New York

Ronald J. Silverman,
New York

Today’s cross-border business restructuring and specialsituations work calls for lawyers skilled in providing
bold and commercial solutions. They also need sharp
technical skills to be able to guide clients through thecomplexities of this market. We have those skills.

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Our involvement can range from supporting businessin early phases with liabilities management programs,
upsizings, and refinancings, and most situations ifcaught early can be remedied at that point. We also
have the capability however to support more material
adjustments to capital structures, and operational
restructurings, and using in or out of court processes
where needed to deliver a desired deal.

Distressed M&A in Europe

Our restructuring and special situations lawyers advise
all stakeholders in restructuring cases. Through ourglobal platform, we advise creditors, multinational

Latest perspectives in Restructuring
and Special Situations

Distressed M&A in the UnitedStates
Loan portfolio transaction
interactive map

Areas of focuscompanies, and insolvency administrators. We also
advise pension trustees, governmental and quasigovernmental bodies, and stressed financialinstitutions. The breadth of our client base is unrivalled
amongst our peers, and our firsthand experience withsuch a range of stakeholders allows us to bring uniqueperspectives to new situations.
We offer exceptional geographic reach, supporting
businesses across the global with our significant
network, but also being able to field dedicated specialist
teams in the key global financing hubs of New York,London and Hong Kong, in addition to other key
jurisdictions across Europe and Asia.
Every matter requires the right team. At Hogan Lovells,
we build the team to meet your needs. Wherenecessary, we draw on lawyers from other practiceareas including capital markets, litigation, real estate,
employment, intellectual property, tax, and pensions toadd to the core restructuring team. One team, able toadvise on all the challenges the transaction mightpresent.

Representative experience
The Government of Ghana in the reprofiling of morethan $50 billion of domestic and internationalsovereign debt.
The Republic of Ecuador in a reprofiling of US$19bn ofsovereign debt.
Bondholders in relation to the restructuring of the
US$500 million notes issued by GCL New Energy
Holdings Limited, one of the leading solar power
operating HK-listed companies in China.
3F Holding on a restructuring offer for Casino Guichard
Perrachon, involving a new money injection of EUR 900
million and a debt to equity swap of circa EUR 3 billion.

Creditor Representation inRestructurings and Insolvencies
Cross-border Restructuring andInsolvency
Debtor Representation inRestructurings and Insolvencies
Loan Portfolio and Distressed Debt
Transactions
Business Restructuring and Tax
Nuclear Fuel Cycle
Sustainable Finance & Investment

Related practices
Insolvency Litigation

Senior secured lenders on the Restructuring Plan on
Virgin Active, including the first and still leading case on
use of the cross class cram. Subsequently successfully
challenging the Restructuring Plan on NCP Car Parks,
and taking roles on Hurricane Energy.
The major fulcrum creditor group in most Ukranianstressed situations in recent years, including Myria
Agro, Interpipe, GNTerminals, UKR LandFarming andDTEK.
An ad hoc group of 2026 noteholders of Naftogaz, thelargest state-owned national oil and gas company ofUkraine, on the amendment and extension of its
US$500 million Eurobonds.
The administrators on the special administration of
investment bank Sova Capital, an FCA regulated
London based institution with c$3bn AUM.
An ad hoc committee of bondholders on therestructuring of US$200m of notes issued by Yestar
Healthcare Holdings Company Limited, a leading
medical consumables and equipment company
operating in the PRC. This transaction is the first-eversuccessfully completed high yield bond restructuring
deal in the Chinese medical consumable sector.
A debt fund providing €1.2bn of exit financing to theFortenova group following the restructuring of its €6bn
debt stack (following on from our prior roles for theadhoc bondholder committee, and then DIP lenders, onthat restructuring).
The Official Committee of Unsecured Creditors in thechapter 11 case of Virgin Orbit, a commercial spacecompany founded by billionaire Sir Richard Bransonthat provided dedicated and rideshare small satellite
launch capabilities.
Nextstone Capital and Mat Immo Beaune, which
together form Concert'O, in their capacity as Orpea
shareholders, on Orpea's financial restructuring.

An ad hoc group of bondholders in relation to aconvertible bond issued by Novaland, one of Vietnam’s
largest real estate developers which is in the process ofrestructuring certain of its financial obligations.
Searchlight Capital Partners in relation to the financial
restructuring of Latécoère SA, which is a listedcompany and a tier one partner to major international
aircraft manufacturers.
Achaogen Inc., the manufacturer and distributor ofZEMDRI (plazomicin), an FDA-approved antibiotic forfighting “SuperBug” bacteria, in its chapter 11
bankruptcy filing.
Advising the respective ad hoc group of holders inrelation to the US$500m sukuks issued by SDInternational Sukuk Limited and SD International Sukuk
II Limited, and the US$300m due 2022 and US$200m
due 2025 sukuks, all guaranteed by the Malaysianlisted oil and gas services business, Serba Dinamik
Holdings Berhad.
Obtained a 98% recovery for the unsecured creditor
committee in the chapter 11 case of Wave Computing,
Inc. and represented its affiliated debtors, and theLiquidating Trust formed after confirmation of the Planof Reorganization.
Madison Pacific as lender agent in the restructuring ofChina Fishery Group on the US Chapter 11
restructuring and UK Restructuring Plan involving
borrowings in excess of US$1.6 billion.

Awards and rankings
Band 2: Multi-Jurisdictional, Chambers Global, 2023
Band 2: Highly Regarded, Chambers USA, 2023
Band 2: Singapore, Chambers Asia Pacific, 2023
Band 2: France, Chambers Europe, 2023
Tier 2: Hong Kong, The Legal 500 Asia Pacific, 2023
Tier 2: Singapore, The Legal 500 Asia Pacific, 2023
Tier 2, The Legal 500 Paris, 2023

Tier 2: France, The Legal 500 Europe, Middle East &Africa, 2023
Top 15 Restructuring Firms in the World, Global
Restructuring Review, 2021
Ecuador Debt Restructuring: Debt and Equity-Linked
Deal of the Year, IFLR Americas, 2021
LATAM DIP Financing: Banking and Finance Deal ofthe Year, Latin Lawyer, 2021
Agrokor: Restructuring Deal of the Year, IFLR Europe,
2020
Achaogen Sale: Cross-Border M&A Deal of the Year,
Turnaround Atlas Awards, 2020
MexCat: “Debt and Equity-Linked Deal of the Year”,
IFLR Americas, 2019
Noble Group: “Restructuring Deal of the Year”, IFLR
Asia-Pacific Awards, 2019
Noble Group: “Restructuring Deal of the Year”, IFLREurope Awards, 2019
Noble Group: "Innovation in Cross Border
Restructuring and Insolvency", Global Restructuring
Review, 2019
Noble Group: "Finance Deal of the Year Insolvency
and Restructuring", The Asian Lawyer Legal Awards,
2019
CGG: "Restructuring Deal of the Year", IFLR EuropeAwards, 2019
CGG: "Large Restructuring Deal of the Year (above
500 million USD)", M&A Turnaround Atlas Awards,
2019
Mriya Agro Holding: "Restructuring Deal of the Year",
IFLR Europe Awards, 2019Mriya Agro Holding: "Deal of the Year", CEE LegalAwards, 2019
Seadrill: "Structured Finance and Securitization Dealof the Year", IFLR Europe Awards, 2019
Seadrill: "Restructuring Deal of the Year", The Deal,2018

Seadrill: Cross Border Turnaround Deal of the Year(over US$5 billion), Turnaround Atlas Awards, 2018
Restructuring of Action Resources: "Industrials Dealof the Year (Over 100M)", M&A Advisor Awards,
2018
Restructuring of Action Resources: "Industrials Dealof the Year (Over 100M)", Turnaround AdvisorAwards, 2018
Orexigen Therapeutics: "Healthcare/Life Sciences
Deal of the Year", M&A Advisor Awards, 2018

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