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Distressed Asset Investing

The firm is seen as having the leading distressed debt practice in Ireland and we have advised the foremost international groups in relation to such issues. Our distressed investment practice brings together experienced legal and tax advisers from a number of practice groups within the firm including structured finance, banking and capital markets, taxation, insolvency and restructuring, real estate, corporate and others. In addition to our distressed investment practice, the firm also advises on the related areas of restructuring and formal insolvencies.

Our distressed investment practice offers the full range of services from legal and tax due diligence to assisting with the legal and tax aspects of the acquisition structure and funding. The group also has extensive experience of advising in relation to exits via securitisation or other repackaging. The firm has received a number of industry awards in this area including the ISR Deal of the Year 2006 award for the Bluebonnet Finance plc securitisation where we acted as legal and tax counsel for Lone Star as originator.

Recent Sample transactions include:

  • Advised NAMA on its successful disposal of project Emerald and Ruby (reported par value of €4.0bln), which was in the top 5 European NPL real estate transactions in 2016
  • Advised NAMA on its repackaging and disposal of project Gem portfolio - reported par value of €2.7bln
  • Goldman Sachs on the acquisition of the Griffin portfolio from Danske Bank A/S - reported par value of circa €540m
  • Duetsche Bank in the acquisition of the Nadal portfolio from Ulster Bank - reported par value of circa €200m
  • Dilosk limited in the acquisition of the former ICS performing loan book from The Governor and Company of the Bank of Ireland - par value €200m
  • Advising on the first public auction of Korean non-performing debt organised by Korea
  • Asset Management Corporation and numerous subsequent acquisitions and financings of distressed Korean assets.
  • Advising several global distressed asset buyers on NPL and other distressed asset acquisitions and financings in Japan.
  • Advising Shinsei Bank, Lone Star and others in relation to multiple European (in particular, German) distressed debt acquisitions and related financings and/or securitisation.
  • Acted for Lone Star as originator in the €1.34 billion Bluebonnet Finance plc securitisation of German non-performing loans, which was the largest European NPL transaction at that time.