Michael Doran | White & Case LLP International Law Firm, Global Law Practice
Michael Doran
Michael Doran

Michael Doran

Partner, London, Madrid

T +44 20 7532 1401

T +34 91 787 6300

E mdoran@whitecase.com

in LinkedIn profile

Michael is one of the legal minds behind the bail-in of major financial institutions in Cyprus following the financial crisis. He also provided advice on the largest-ever sovereign debt restructuring in Greece.


Based in London and Madrid, Michael brings a truly global dimension to his advisory practice. His work, which crosses developed, emerging and frontier markets, increasingly relates to sovereign debt and related matters.

His clients benefit from his experience in the debt and equity-linked capital markets. Working with underwriters, issuers, sovereign states, state agencies, financial institutions, multinational corporations and supranational bodies on debt and equity-linked capital market transactions, Michael also guides clients on liability management and bond restructurings.

In the aftermath of the financial crisis, Michael was enlisted to provide advice on the bail-in of Cypriot financial institutions, and on the €206 billion restructuring of Greek sovereign debt.

Bars and Courts

  • Supreme Court of England and Wales
  • Supreme Court of Northern Ireland


  • The Institute of Professional Legal Studies, Belfast
  • LLB (Hons), Queen's University, Belfast


  • English
  • French
  • Spanish


Cypriot bail-in

Michael is providing ongoing advice relating to the bail-in of major Cypriot financial institutions following the financial crisis in Cyprus.

Barclays Bank/JP Morgan

Michael advised the joint bookrunners Barclays Bank and JP Morgan on the issue of ZAR 2 billion 7.25% convertible bonds due 2019 by Johannesburg Stock Exchange listed company Aveng Limited (South Africa).

Metso Corporation

Michael represented Finnish multinational Metso Corporation in soliciting consent for outstanding bonds to facilitate the proposed demerger of its pulp, paper and power businesses into an independent company.

Qatar Holding

Michael represented global investment house Qatar Holding on its first ever investment in Russia. It involved a US$500 million investment in VTB, Russia's second largest bank.

Morgan Stanley

As deal manager to Morgan Stanley, Michael gave hands-on advice on the Recommended Convertible Bond Cash Offer (in accordance with Rule 15 of the UK Takeover Code) by Dentsu Inc. to holders of Aegis Group Capital (Jersey) Limited's £190,600,000, 2.5% guaranteed convertible bonds, due in 2015.

Bookrunners to Nokia Corporation bond offering

Acting for a consortium of parties, including Bank of America Merrill Lynch, Barclays, Citi and Deutsche Bank as joint bookrunners, as well as ten lead managers, Michael advised on Nokia Corporation's offering of €750 million senior unsecured convertible bonds, due 2017, and convertible into ordinary Nokia shares.

Greek debt restructuring

Michael was a member of the core White & Case team which acted as co-counsel to the Steering Committee of private bondholder creditors in Greece. His advice covered issues including terms relating to private sector involvement in the restructuring of €206 billion Greek debt. As well as the first sovereign debt restructuring within the eurozone, this was also the largest-ever restructuring of sovereign debt.

Black Sea Trade & Development Bank

Michael represented 11 sovereign member state supranational Black Sea Trade & Development Bank on the establishment of its US$1 billion Euro Commercial Paper (ECP) Programme.

Solidium Oy

Michael represented Finnish state holding company Solidium Oy on its debut issue of US$600 million exchangeable bonds.

Kaupthing hf

Michael advised Icelandic bank Kaupthing hf on the global restructuring of over US$40 billion bondholder creditor claims.


  • The view from Cyprus: Paradigm shift in approach to Eurozone crisis, Journal of International Banking and Financial Law (JIBFL), 2013
  • Bond exit consents: no way out?, PLC, 30 August 2012
  • Difficult Times for Junior Creditors: IMO Carwash and other recent developments, Bankers Law, March 2010
  • Sovereign Wealth Funds – The Rapidly Evolving Landscape, PLC, January/February 2009
  • Sovereign Wealth Funds – The Heirs Apparent, PLC, March 2008
  • The European Debt Capital Markets – An Introduction, PLC, August 2005