Comment: A firm recommended for debt issues and respected in structured finance. As in the previous year, the debt practice is esp. distinguished by its focus on advice related to restructuring and on German law for high-yield bonds. This is demonstrated by its work for Rickmers on the planned but ultimately aborted restructuring of a bond, as well as the advice to Valeant and N&W on the issue of high-yield bonds. In the case of the Valeant bond, the firm worked together with the renowned US outfit Davis Polk & Wardell for the first time, the referral arising from GL’s ?bank lending practice. One counsel is essentially devoted to structured finance, attending to securitizations, esp. CMBS transactions.
Development potential: Only a staff expansion would enable better positioning in structured finance.
Practice: Corporate bonds. Often equity-linked and some high-yield bonds (German law). Restructuring bonds. Traditionally active in true-sale securitizations through conduits. Securitization of commercial receivables and CMBS loans and their restructuring. Clients: listed companies, fewer banks. (3 partners, 1 counsel, 6 associates)
Clients: ?? Rickmers on planned bond restructuring (aborted); Steinhoff on adjustment of existing US bonds; Valeant on collateralized $3.5bn high-yield bond; N&W on collateralized €400m high-yield bond; DZ Bank on US CPP.
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