Walkers has acted alongside Allen & Overy on the consensual financial restructuring of New Look, a leading UK multi-channel fashion retailer with more than five hundred stores across the UK and Ireland.
The multi-faceted restructuring included Walkers advising on the Jersey law aspects of an extension of the Group’s working capital facilities in order to ensure that the Group has no near term debt maturities.
The Walkers Jersey team comprised Group Partner Jon Le Rossignol, Senior Counsel Louise Hamilton and Legal Assistant Matt Tout.
Jon Le Rossignol said: “The distressed environment that we are currently witnessing is pan-sector but the impact is being particularly felt in retail, where offshore entities are a constant. Jersey corporates often sit as obligors in highly complex capital structures in the retail sector, particular where these businesses have been through at least one round of restructuring previously.
“We are seeing a continued uptick in consensual restructuring activity, with a number of live mandates for household names. We are one of the market leaders in this area and continue to work closely with our Restructuring & Insolvency colleagues to advise different categories of stakeholders, including recently on the multi-million pound restructuring of Travelex, the world’s largest foreign exchange bureau.”