With a strong international practice, Timothy Sackar specialises in business restructuring, distressed investing and insolvency. He is the National Practice Group Leader for the Restructuring & Insolvency Group as well as a leader of our Alternate Investment Funds practice.
Timothy has been involved in numerous significant matters in Australia, Asia and the UK, advising debtors, financial creditors, sponsors, bondholders and directors on all aspects of restructurings, workouts and cross-border insolvencies. He has extensive experience in advising on distressed investments and restructuring strategies generally, voluntary and compulsory insolvency regimes, trading of debt for distressed or par values and the sale of non-performing loan portfolios.
He also advises insolvency practitioners on their appointments, duties and the disposal of assets of the estate.
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- Virgin Australia: Led the Clayton Utz team advising Deloitte Restructuring Services partners as the voluntary administrators appointed to Virgin, including on the successful restructure and sale of the airline to Bain Capital. Timothy advised on all aspects of the competitive and comprehensive sale process, including complex negotiations to effect the restructure and sale. This also involved all legal advice relating to the running of the airline while under external administration.
- Marlin Brands: Advised in relation to the group's restructuring and acquisition by Oaktree.
- Reliance Rail: Advised the two monoline insurers (Syncora Guarantee Inc. and FGIC UK Limited) that had credit wrapped Reliance Rail's entire $2 billion debt profile to secure a successful restructuring/refinancing of the debt.
- Myer: Advised the group on its recent debt restructuring and refinancing.
- Crabtree & Evelyn: Advised the group on its restructuring in Australia.
- Emeco merger: Advised the facility agent and the security trustee of the Orionstone financing syndicate on the merger and restructuring of Emeco, Orionstone and Andy's Earthmovers.
- Nine Entertainment: Advised various investments funds in relation to the loan and security documents, as well as the restructuring proposal implemented by scheme of arrangement.
- Network Ten: Advised the security trustee of the Network Ten financing syndicate in respect of the receivership and subsequent sale to CBS.
- Flow Systems: Advised the group's secured creditor on the insolvency of the group.
- Atlas Construction Group: Advised the Voluntary Administrators of the group on their duties and VA process generally.
- Redbank Power Project: Advised the facility agent and the security trustee of the lending syndicate on the restructuring of the project and appointment of receivers and managers.
- Griffin Coal: Advising a major foreign institution in the group's insolvency and related sales process.
- Austcorp Group: Advised a major foreign institution in regard to the group's restructuring and insolvency.
- Insurance and reinsurance: Advised in a number of matters regarding the wind down or merger of insurance portfolios with the use of voluntary or compulsory insolvency regimes, schemes of arrangement or negations, including matters for HIH group, Bupa, IAG and SunLife.
Alternate Investment Funds
Regularly leads investor and/or restructuring mandates for alternate capital providers, hedge funds and/or foreign investors in relation to the provision of or investment in debt facilities, convertible notes and/or instruments of a similar nature, including the restructuring of these instruments and their conversion from debt to equity.
See Alternate Investment Funds