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Corinne Ball to lead Jones Day's European restructuring team

April 2011


Washington -- The global law firm Jones Day has announced that Corinne Ball, one of the premiere bankruptcy and restructuring lawyers in the world, will lead the Firm's restructuring and distress M&A efforts in Europe. Perhaps best known as the lead lawyer who successfully drove U.S. automaker Chrysler through a historic 42 day bankruptcy, Ms. Ball has also led numerous high visibility corporate rescues throughout her career, including several on a global scale. She will spend substantial time in Europe over the next few years, but will continue to be based in New York.

"Though there is a great deal of speculation regarding Europe's ongoing economic and political challenges, we are committed to the premise that Europe will meet its current challenges as it has met various hurdles in the past, and that it will emerge even stronger," said Stephen J. Brogan, Managing Partner of Jones Day. "But it is apparent that responding to the current problems will require a period of restructuring. The issues arising from sovereign debt and other bank debt issues mean that distressed investing in Europe is very likely to increase, and we have unique capacity to serve clients interested in purchasing the distressed assets, both companies and portfolios of loans, that will become available. Absent further amend-and-extend resolutions of the substantial debt anticipated to mature in 2012-2013, our clients, particularly our fund clients who will be heavily involved in the restructuring, will have a pronounced need for creative, high-quality legal work. Corinne's experience in high-stakes reorganizations is among the very best anywhere, and her leadership of this initiative will be of tremendous value to our clients."

In addition to Ms. Ball's highly publicized work with Chrysler, two of her more notable and recent engagements -- and one of Jones Day's primary representations -- are especially relevant to the challenges being faced in Europe.

She was the lead lawyer in Jones Day's successful representation of Dana Corporation achieving the first Company Voluntary Arrangement (CVA) in the UK premised upon a groundbreaking settlement with the UK Pension Regulator, facilitating the transfer of control to Centerbridge and other investors. Ms. Ball was also instrumental in obtaining a series of settlements to eliminate an enormous accumulated liability for health and life insurance benefits for retirees from its unionized and nonunion workforces, and to modify its collective bargaining agreements with active employees, allowing Dana to compete in the troubled auto industry upon emergence from bankruptcy. This "Global Settlement" resulted in the elimination of almost $1.5 billion in accumulated post-retirement benefit obligations, and the creation and funding of Voluntary Employee Benefit Association (VEBA) trusts. Several creditors filed objections to Dana's motion for court approval of the settlement and all but two of these objections were withdrawn as a result of successful negotiations with Dana's main creditor constituents. On July 26, 2007 Judge Burton Lifland approved the Global Settlement, after hearing testimony from Dana CEO Michael J. Burns. In his decision, Judge Lifland described the Global Settlement as "groundbreaking" and "paving the way" for Dana's reorganization.

Ms. Ball also led Jones Day's team that advised Financial Guaranty Insurance Company (FGIC), a leading national mono-line financial guaranty assurance company, in a transaction in which MBIA Insurance Corporation (MBIA), a subsidiary of MBIA Inc. and another leading national mono-line financial guaranty assurance company, reinsured FGIC's risk under financial guaranty policies covering $166 billion in par of public finance obligations. In this transaction, Ms. Ball had extensive interactions with the UK's Financial Services Authority (FSA) in the restructuring of FGIC's UK operations with the FSA. In total, this reinsurance transaction was one of the largest and most notable reinsurance transactions in history and in many ways, unprecedented. The transaction was driven and overseen by the New York State Insurance Department (NYID). FGIC's insurer ratings had been significantly downgraded due to uncertainty regarding structured finance guarantees that FGIC had written, and FGIC's statutory capital levels were low. The NYID had made clear that FGIC would have been placed in rehabilitation, the insurance equivalent of receivership, if it did not raise new capital quickly. Negotiations continued through multiple rounds of bids over a four month period, with MBIA emerging as the winning bidder with regulatory hearings to approve and insulate the transaction.

Ms. Ball has played a leading role in Jones Day's work for WL Ross & Co.'s European initiatives, including the acquisitions and pan-European financings relating to International Auto Components (IAC), which grew from the acquisitions throughout Europe of Collins & Aikman's assets; International Textile Group (ITG); and VTG, a large railcar company in Germany; in addition to the Firm's work for WL Ross on Virgin Money and Northern Rock.

"High-speed turnarounds require special skill sets and we have several inherent advantages at Jones Day that will allow us to help clients on the road to rescue in Europe, not least among them being our unique structure providing legal services as one firm worldwide," said Ms. Ball. "We are well versed in managing reorganization engagements characteristic of the challenges Europe will be facing and have tremendous resources around the world in every relevant discipline to help facilitate their conclusion."

Among her many distinctions, Ms. Ball was named "Dealmaker of the Year" in both 2009 and 2010 by The American Lawyer, and one of the "Most Influential Lawyers of the Decade" by the National Law Journal. She also received the Turnaround Management Association's "International Turnaround Company of the Year" Award in 2008 and is a director of the American College of Bankruptcy and the American Bankruptcy Institute.

Jones Day is a global law firm with locations in centers of business and finance throughout the world. Ranked among the world's best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies. The Firm has approximately 100 restructuring lawyers working from nearly all of the major global financial hubs to provide a full range of restructuring related and distress M&A services to borrowers/debtors, creditors, investors and other parties in complex restructurings, out-of-court workouts, chapter 11 cases, and other matters involving financially distressed entities worldwide. Jones Day brings a full range of skills needed in the restructuring and distress M&A context, drawing on distressed related resources from the Firm's Banking & FinanceMergers & Acquisitions, Capital Markets, Real Estate, Antitrust & Competition, Tax, Employee Benefits & Executive Compensation, and Labor & Employment practices.

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