Maples and Calder Wins at 2018 Global Restructuring Review Awards

Irish News | Tue 3 Jul | Author – Business & Finance
Maples and Calder received the award for Innovation in Cross-border Insolvency and Restructuring for their work on the largest Cayman Islands cross border debt restructuring.

Maples and Calder received the award for “Innovation in Cross-border Insolvency and Restructuring” at a global awards ceremony

Maples and Calder has been recognised for its cross border restructuring expertise on the successful restructuring of Ocean Rig UDW and three of its subsidiaries comprising US$3.7 billion of financial indebtedness. 

The firm received the award for “Innovation in Cross-border Insolvency and Restructuring” for its work on Ocean Rig at the GRR Awards 2018.  The GRR Awards take place annually and recognise the most important developments in cross border insolvency and restructuring.   

Many firsts 

In addition to being the largest Cayman Islands cross border debt restructuring, the transaction involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and pre-filing COMI shift, and the first use of a Cayman Islands STAR trust in a restructuring.  

Aristos Galatopoulos, Partner and global head of Maples and Calder’s Insolvency practice said:

“We are delighted to be recognised once more for our work in this innovative and high profile Cayman Islands restructuring.  It further demonstrates our ability to provide first class legal advice in this area.” 

Maples and Calder acted as lead counsel for the Ocean Rig debtor companies in the Cayman Islands and Orrick Herrington & Sutcliff acted as onshore counsel.  Eleanor Fisher of Kalo and Simon Appell of AlixPartners London acted as joint provisional liquidators advised by Sidley Austin and Ogier. 

The Maples and Calder Cayman Islands team was led by Partners Caroline Moran, Sherice Arman and Of Counsel Nick Herrod, with Associates Christian La-Roda Thomas and Amanda Lazier.  Trusts advice was provided by Partner Ray Davern and Associate Alex Way, corporate advice by Partners Suzanne Correy and Daniel Lee and Irish regulatory advice by Partner Nollaig Murphy and Associate Jacqueline Diamond.

Awards season

After celebrating 50 years of award-winning excellence in 2017, Maples and Calder have carried on the tradition in 2018, with the firm’s recent success at the 10th Annual International M&A Advisor Awards in May 2018, where Maples and Calder won “Restructuring of the Year ($1B – $5B)” and “Energy Deal of the Year” for the same piece of work.

The M&A Advisor Awards recognise excellence in deal making, restructuring and financing, celebrating the contributions and achievements of leading firms and professionals.  An independent judging panel of industry experts evaluated over 250 nominations from across the world from a wide and varied group, with deals valued from $10 million to tens of billions.