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Restructuring and Insolvency
Waratah Train Public Private Partnership (PPP) restructure: Advised and acted with a cross disciplinary team for the NSW Government and its agencies, including RailCorp, in successful negotiations with existing equity investors and financial guarantors which resulted in a financial debt restructure of the Reliance Rail (Waratah Trains) transaction (including debt of $2.4 billion).
Vocation Limited: Advised the company on its successful restructuring of $85 million of debt which stabilised Vocation's finances. This allowed Vocation to commence its turnaround plan whereby Vocation would expand through an organic growth strategy and student enrolments in Vocation's remaining business.
Brookfield Infrastructure restructure: Advised the Board of Brookfield Infrastructure (formerly Prime Infrastructure (formerly Babcock and Brown Infrastructure Limited)) in relation to the WestNet AET&D Holdings $5.1 billion recapitalisation and restructure of Prime's holdings in AET&D and CSC.
Hilton Surfers Paradise restructure: Advised Brookfield Multiplex with a team of specialists on various insolvency issues in connection with the restructure of the acquisition and project finance for the $420m Hilton Surfers Paradise project following the collapse of the Raptis Group. The restructure involved innovative structuring and utilised a pre-pack voluntary administration process.
Dick Smith Electronics liquidation: Acted for a major secured creditor/supplier in relation to their interests in the administration/liquidation and receivership of the electronic goods chain Dick Smith, which had 390 stores under four brands.
Oroton Group administration: Advised the voluntary administrators appointed to the Oroton Group on various discrete insolvency issues in the administration of the Oroton Group.
Hastie Group liquidation: Advising Grocon in relation to the Federal Court of Australia proceedings commenced by the liquidators in relation to Grocon's ability to set off against their liability.
Arrium Limited: Lead advisor of a cross disciplinary team to the Board of Arrium Limited on the company's Strategic Review and $1.2 billion recapitalisation and the company's subsequent voluntary administration.
Prime Retirement and Aged Care Trust receivership: Advised the secured lender and receivers in relation to the voluntary administration of the Prime Retirement Group.
Custom Coaches: Advised the voluntary administrators/liquidators of the Custom Coaches Group, the second largest and most established bus manufacturer with more than 400 employees; annual sales of £55m, and 24% share of the Australian bus market.
One Tel Limited administration: Advised the administrators on various aspects under the Corporations Act 2001.
See Restructuring and Insolvency
Litigation and Dispute Resolution
Banksia Securities Limited: Advised Trust Co., on discrete insolvency issues in Supreme Court of Victoria proceedings, as the trustee of Banksia Securities Limited (Receiver and Managers Appointed)(In Liquidation), an unlisted public company involved in raising approximately $663 million from 15,622 investors by issuing debentures and lending the funds raised to borrowers for property investment and development purposes. It had raised approximately $663 million from 15,622 investors.
Blackwood Corporation Securities Limited: Advised and acted on the successful enforcement by Queensland coal developer Blackwood Corporation Limited (Wholly owned by Noble Group of Companies) of a contract to recover a debt owed by Mulsanne Resources, an entity controlled by Nathan Tinkler in relation to a dispute over a $28.4m share placement.
ABC Learning Centres: Lead advisor to Morgan Stanley Private Equity Asia in relation to the high-profile recovery action in the Supreme Court of New South Wales against ABC Learning Centres (in liquidation) (receivers and managers appointed) for recovery of damages after investing $70m just prior to the demise of ABC Learning Centres.
Prime Retirement and Aged Care Trust receivership: Advised and acted for the receivers and managers in Supreme Court of Victoria public examinations of directors and other professional advisers who had been appointed to Australian Property Custodian Holdings Limited as responsible entity for The Prime Retirement and Aged Care Trust. It was Australia's third largest owner of retirement units and aged care beds and had a reported loss of almost $225m.
See Litigation and Dispute Resolution