Ben Davies

Partner, London

Biography

Overview

Ben has a broad range of experience advising clients on complex international restructuring, workout and insolvency matters. This past experience includes roles assisting corporates debtors and creditors such as banks, funds and noteholders, as well as directors, insolvency practitioners and other stakeholders in businesses in financial difficulties. Alongside his work on numerous cross-border restructuring situations, Ben has worked on a wide selection of finance transactions.

Ben has completed secondments to the Credit Team of Centerbridge Partners' London office and the Loan Syndications & Trading team of BNP Paribas' London office as well as spending time in White & Case's Hong Kong office.

Bars and Courts
England and Wales
Education
LPC
Nottingham Law School
LLB
University of Nottingham
Languages
English

Experience

Concordia
Advised an ad hoc group of senior creditors in connection with the restructuring of Concordia, a publicly listed international generics pharmaceuticals business. Through a court-approved plan of arrangement under the Canada Business Corporations Act, Concordia's total debt was reduced from approximately US$3.7 billion to approximately US$1.4 billion and allowed Concordia to benefit from a US$586.5 million new money investment through a private placement share sale.

Kenya Airways
Advised Kenya Airways plc, the Kenyan flag-carrier and one of Africa's leading airlines, on its US$2 billion financial restructuring, which involved a re-profiling of payments owed to operating and finance lessors, a conversion of unsecured debts into newly issued equity in the company and the provision of a new multi-purpose facility from local banks.

Coast
Advised the group companies in the high street retail business in connection with an accelerated M&A process and sale by way of pre-packaged administration.

PHS acquisition
Advised Anchorage Capital Group on a joint offer (alongside M&G Investment Management) for all of the equity and stapled debt in the PHS Group, a leading provider of workplace services in the UK.

PHS restructuring
Advised a coordinating committee of first lien and second lien lenders in relation to the £930 million restructuring of the PHS group, a leading provider of workplace services in the UK, which was implemented pursuant to a scheme of arrangement.

Kaupthing hf restructuring
Advised Kaupthing in relation to its winding up proceedings, the fifth largest bankruptcy ever.

APCOA restructuring
Advised Deutsche Bank as new money provider, agent and security trustee on the restructuring of the APCOA Parking Group. The restructuring was implemented through a scheme of arrangement and resulted in a significant deleveraging of APCOA's balance sheet, a reduction in its debt by more than €440 million and €80 million of additional financing.

Globalworth
Advised Oak Hill Advisers and York Capital in connection with their investments in Globalworth.

WIND Hellas 2010 restructuring
The WIND Hellas group, the Greek telecommunications operator, on all aspects of its €1.8 billion financial restructuring, implemented by way of a scheme of arrangement and several 'pre-packaged' administrations.

WIND Hellas 2009 restructuring
Weather Investments S.p.A. in relation to the financial restructuring and sale of WIND Hellas Telecommunications S.A.

Publications

Wind Hellas (chapter) in the European Debt Restructuring Handbook: Leading Case Studies from the Post-Lehman Cycle, March 2013, (co-author)

WIND Hellas: A complex restructuring in a global recession, Practical Law Company Journal, February 2011, (co-author)

UK Schemes of Arrangement: A Risk of Non-Recognition in Germany?, International Corporate Rescue, July 2010, (co-author)