Photo of Cathryn WilliamsPhoto of Paul MuscuttPhoto of Mark LichtensteinPhoto of Monique Almy

In these unprecedented times, all businesses will be facing issues they have never encountered before. The disruption caused by the measures imposed to combat the COVID-19 outbreak are significant and wide-reaching, impacting every business and its suppliers, customers, workforce, investors and lenders. At Crowell & Moring, our lawyers across the globe have extensive experience of helping clients navigate the way through these issues. Some of our representative experience in such matters is set out below. We are here to help. Please feel free to reach out to any of us to provide guidance and assistance. 

As a result of the current situation, we are advising clients who find themselves operating in the shadow of potential bankruptcies along the supply chain, in their customer base and their trading partners globally. Based on deep workout experience after past world crises, we can help clients to find and employ business strategies to minimise business disruption, salvage relationships and restructure financial facilities and business structures to facilitate ongoing trading .

Issues arising:

  • Rewriting and restructuring of financial facilities and security/collateral
  • Key customer and supplier contract reviews and negotiations
  • Potential supply chain issues and business interruption
  • Triggering of force majeure clauses
  • Landlord and tenant issues
  • Employment strategy and obligations
  • Advising on Government policies and intervention
  • Predatory pricing/supply issues
  • Diversification projects and joint ventures
  • Sale and down-scaling of non-core business
  • Acquisition of key business operations
  • Dealing with changes in the regulatory and legislative landscape
  • Advising on and implementing restructuring strategies, including formal bankruptcy processes
  • Managing international disputes
  • Managing corporate insurance claims and renewals

Representative Engagements

  • Advising a group of recruitment agencies on the impact on their agency staff of the liquidation of Carillion
  • Restructuring and selling high profile online retailer in an MBO
  • Advising PNC Financial UK as an agent for a syndicate of lenders in relation to the restructuring and recovery of £265 million in asset-based loan facilities made available to British Steel, which went into liquidation after attempts to negotiate a government bailout stalled.
  • Acted on behalf of lenders in connection with the protection and enforcement of claims in debtor restructurings and insolvency proceedings in the United Kingdom, the United States, France, Germany, Norway, and Australia.
  • Advising directors, stakeholders and insolvency practitioners in distressed scenarios including MBOs, “pre-pack” sales, restructurings, collect outs and general administration and liquidation work.
  • Advising large Chinese textiles manufacturer on cancellation / postponement of global retail orders following COVID 19 outbreak and international government sanctions.
  • In the aftermath of Black Monday on the U.S. stock market, represented the Robert M. Bass Group in working out and recovering on a portfolio of $6 million in real-estate secured loans in connection with the then-largest savings and loan failure in U.S. history. The successful portfolio workout included one of the first-ever securitizations as well as navigating through multiple corporate borrowers’ bankruptcies.
  • Represented U.S. opportunity funds against federal governments on post-closing litigation arising from disputes over several multi-billion dollar asset purchase agreements involving assets of insolvent savings and loans in the U.S., Canada, and Japan.
  • Coordinating counsel for GE Capital Real Estate in working out a portfolio of defaulted commercial loans in the South Pacific, including Hawaii and Guam.
  • Lead litigation counsel for several of the top companies in Asia in rescuing them from multi-million liabilities on important U.S. matters.
  • Represented a major S. based multinational toy company in multiple  claims related to the insolvency of its Hong Kong joint venture partner who shut down its manufacturing facilities in Guangdong province, People’s Republic of China.
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It has been reported in the press that the UK government is considering emergency legislation to reform UK insolvency laws to protect companies and directors impacted by the measures taken to combat the COVID-19 virus. The Crowell & Moring Restructuring and Finance team have issued an alert on the issues arising, a link to which is below:

https://www.crowell.com/NewsEvents/AlertsNewsletters/all/UK-Government-Faces-Urgent-Pressure-to-Reform-Insolvency-Law

 

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The Crowell & Moring Finance and Restructuring team have issued an alert on the operation of the Coronavirus Business Interruption Loan Scheme, including an explanation as to who can apply and the type and extent of funding available. A link to the alert is here:

https://www.crowell.com/NewsEvents/AlertsNewsletters/all/Coronavirus-Business-Interruption-Loan-Scheme-Key-Points

 

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Crowell & Moring has released its Regulatory Forecast 2020: What Corporate Counsel Need to Know for the Coming Year, a report that explores the impact of regulatory changes on the technology industry and other sectors, and provides insight into the issues in-house counsel can expect to face in the coming year.

For 2020, the Forecast highlights the driving forces behind the increased regulatory focus, including access to the data, online platforms, and cutting-edge technologies that define competitive advantage. It explores regulatory trends in antitrust, environment and natural resources, and public affairs.

The cover story, “Antitrust in the Digital Age: How Antitrust Investigations into Big Tech Impact Companies in Every Industry,” discusses why there has been an increase in antitrust investigations and the effort to crack down on potential abuses among large technology companies.

 Be sure to read the full report and follow the conversation on social media with #RegulatoryForecast.

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Crowell & Moring has released Litigation Forecast 2020: What Corporate Counsel Need to Know for the Coming Year. The eighth-annual Forecast provides forward-looking insights from leading Crowell & Moring lawyers to help legal departments anticipate and respond to challenges that might arise in the year ahead.

For 2020, the Forecast focuses on how the digital revolution is giving rise to new litigation risks, and it explores trends in employment non-competes, the future of stare decisis, the role of smartphones in investigations and litigation, and more.

The cover story, “A Tangled Web: How the Internet of Things and AI Expose Companies to Increased Tort, Privacy, and Cybersecurity Litigation,” explores how the digital revolution is transforming not only high-tech companies, but also traditional industries with products, business models, and workforces that are being affected by increased connectivity, artificial intelligence, and the ability to gather and use tremendous amounts of data.

Be sure to follow the conversation on Twitter with #LitigationForecast.

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The London Crowell & Moring restructuring team (led by partners Cathryn Williams and Paul Muscutt) recently successfully acted in a highly contested application to appoint administrators to the holding companies of the Carlauren Care Home group. For further information, see link below:

https://www.crowell.com/NewsEvents/PressReleasesAnnouncements/Carlauren-Care-Homes-Group-Placed-into-Administration/pdf

http://bit.ly/35KTpji

Photo of Mark LichtensteinPhoto of Monique AlmyPhoto of Scott Lessne

Forbes has created its inaugural “America’s Top Corporate Law Firms” list and worked with the market research firm Statistica to conduct an online survey of lawyers both at law firms and GCs between April 1 and May 17, 2019.

Self-recommendations were not considered and law firms that received the most recommendations were included on the list. When a firm received a high number of recommendations than average for a particular legal practice area, it was given a “most recommended for” designation.

Crowell & Moring has been recommended in the practice area of BANKRUPTCY.

 

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The London ABL and Restructuring team at Crowell & Moring feature in this month’s Business Magazine, following their arrival earlier in 2019 from the London office of Squire Patton Boggs.

 

The article comments on the growth of the London team, its approach to market and how the new team differentiates itself from the rest of the legal market

Business Money Sep 19