Advice to a racecourse
Our Restructuring and Insolvency team advised a racecourse in relation to the restructuring of its funding and capital structure, achieved through a debt for equity swap and supplemented by an additional equity investment. Despite this restructuring, the company continued to struggle financially and subsequently entered administration.
Advice to the administrators focussed on the company's position under the terms of their existing lease, the landlord's ability to forfeit and/or prevent assignment, the ability to assign horse racing fixtures, the restrictive terms of the company's existing media agreements and how best to mothball the business for a period yet preserve value.
We engaged with key regulators, the British Horse Racing Association and the Greyhound Board of Great Britain and subsequently advised on all aspects of the sale of the company's leasehold property, the ongoing rights to the horse racing fixtures and certain other assets to a purchaser.
Advising directors of a lending company
We acted for the board of directors of a non-clearing bank lender offering a range of traditional loans, receivables finance and asset based lending products. Advising in respect of a number of non-core loans which had created a sizeable bad book liability putting the solvency of the lender in doubt, we provided advice on directors' duties and responsibilities and assisted the company in implementing a successful restructuring plan addressing the key financial issues.
Subsequently we acted for the client in the recovery of significant disputed debts (approximately £2-3 million) relating to both traditional loans and receivables financing, including: the issuance of high court proceedings to enforce personal guarantees, dealing with related regulatory issues and enforcement including the taking of security over substantial residential properties. Finally, we have also acted for the lender in defending significant preference claims brought against it by office-holders.