DavidHarding

Partner

London + 44.20.7039.5198

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David Harding's practice focuses on cross-border corporate restructurings, distressed acquisitions, and formal insolvency proceedings. He has particular experience in restructurings involving equity, including debt for equity swaps and the structuring of acquisitions by NewCo entities, and the creation of joint venture investment platforms.

David acts for a diverse range of clients, including investment banks and hedge funds holding distressed debt, corporate debtors (or their directors and shareholders), and insolvency office holders in successfully transitioning assets, management, and operations.

David has recently advised AlbaCore Capital on its co-investment in a €500m platform to acquire NPL portfolios across Europe (alongside Lindorff and Carval); BHS International on the acquisition of the digital and international business of UK retailer, BHS; the liquidators of Value Discovery Partners in the context of a restructuring and wind-down of a US$1 billion fund; certain funds on the acquisition of various property portfolios (including the acquisition of distressed debt secured by Q Hotels from IBRC); a leading investment bank on the restructuring and acquisition of the Opal student housing portfolio; creditors in the insolvencies of Monarch Airways, Thomas Cook, Air Berlin, Clinton Cards, Connaught plc, and Ennstone plc; and on numerous restructuring matters and acquisitions for funds such as AlbaCore Capital, Aurelius Group, Canyon Capital Advisors, Cross Ocean Partners, ESO Capital, RoundShield Partners, and the Lone Star Funds.

Experience

  • Spark Networks' German StaRUG plan confirmed in first-ever cross-border restructuring under German StaRUG and U.S. chapter 15Jones Day is representing Spark Networks SE in the first-ever cross-border restructuring under the recently enacted German restructuring law ("StaRUG") and chapter 15 of the U.S. Bankruptcy Code involving over $100 million of funded debt issued by a U.S.-based credit fund and guaranteed by other German and U.S. entities.
  • AURELIUS acquires The Body ShopJones Day advised private equity investor AURELIUS on its acquisition of The Body Shop from Natura & Co S.A.
  • Convertible lenders of Celsa obtain approval of first non-consensual restructuring planJones Day advised a group of clients as lenders under a junior debt instrument advanced to the Celsa group, a family-owned business and one of the largest manufacturers of long steel products in Europe.
  • Diebold Nixdorf obtains $1.25 billion senior secured exit credit facilityJones Day represented Diebold Nixdorf, Incorporated, a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, in connection with a new $1.25 billion senior secured term loan facility as part of it’s emergence from chapter 11 bankruptcy and other domestic and foreign court-supervised restructuring proceedings.
  • Diebold Nixdorf successfully restructures over $2.7 billion in funded debt and completes the first-ever dual proceeding under the U.S. bankruptcy code and Dutch restructuring law in 71 daysIn the first-ever cross border restructuring involving dual main proceedings under chapter 11 of the U.S. Bankruptcy Code and a scheme of arrangement (the "Dutch Scheme") under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord ("WHOA")), and the first-ever chapter 15 recognition of Dutch Scheme proceedings and a sanctioned WHOA reorganization plan (the "WHOA Plan"), Jones Day represented Diebold Nixdorf, Incorporated ("Diebold") and certain of its U.S. and Canadian subsidiaries (the "Debtors") in connection with (i) the prepackaged chapter 11 cases of In re Diebold Holding Company, LLC, et al., (Case No. 23-90602-DRJ) commenced on June 1, 2023, in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"); (ii) the Dutch Scheme, commenced on June 1, 2023 by Diebold Nixdorf Dutch Holding B.V. (the "Dutch Issuer") in the District Court of Amsterdam (the "Dutch Court"), and (iii) the chapter 15 proceedings before the Bankruptcy Court commenced by the foreign representative of the Dutch Issuer, wherein the Bankruptcy Court recognized the Dutch Scheme proceeding as a foreign main proceeding and recognized and extended comity to the WHOA Plan that was sanctioned by the Dutch Court.
  • Koch sells Sense Biodetection to Sherlock BiosciencesJones Day advised Koch Disruptive Technologies, LLC in the sale of Sense Biodetection, a global molecular diagnostics innovator, to Sherlock Biosciences, a company engineering biology to bring next-generation diagnostics to the point of need.
  • AIP acquires Aluminium BelgiumJones Day advised American Industrial Partners in the acquisition of 100% of the shares of Aluminium Belgium BV, the parent company which owns Aluminium Duffel, from Ecnavla 8 UK Ltd.
  • High net worth property investor brings parallel civil fraud and criminal claims related to joint venture arrangementJones Day is advising a high net worth property investor in respect of civil claims against a joint venture partner for breach of contract, breach of fiduciary duty, and deceit arising in the context of a joint venture with a complex offshore holding structure.
  • Aurelius sells remaining Office Depot Europe business to strategic buyer RAJA GroupJones Day advised AURELIUS Equity Opportunities in the sale of Office Depot Europe, which includes the remaining Viking and Office Depot Europe activities to strategic buyer RAJA Group.
  • Leading automotive components and systems supplier obtains $100 million senior secured term loan facilityJones Day represented a leading automotive components and systems supplier in connection with a $100 million senior secured term loan facility.
  • Dearman Engine Company enters administrationJones Day advised Geoffrey Bouchier and Benjamin Wiles of Duff & Phelps (the "Administrators") as joint administrators of Dearman Engine Company Limited (in administration) (the "Company") in an expedited and successful rescue of the Company’s business.
  • Clintons greeting cards retailer sold out of administration to Esquire Retail LimitedJones Day advised AG Retail Cards Limited t/a Clintons (the "Company") in its exploration of sale options to secure the future of the business and in its discussions with stakeholders with a view to entering into a Company Voluntary Arrangement.
  • Credit fund restructures UK property developerJones Day advised a credit fund in connection with the restructuring of its investments in a significant UK property development and investment company.
  • Boeing agrees to Monarch's CVA proposalJones Day represented The Boeing Company, a major creditor of Monarch Aircraft Engineering Limited ("MAEL"), in the restructuring by way of a company voluntary arrangement of MAEL resulting in a compromise of certain historic balance sheet liabilities and further third party funding, returning MAEL to solvency and the ability to continue to trade.
  • Vision Capital restructures UK retailer, BrightHouseJones Day is advising Vision Capital in connection with the £220 million financial restructuring of its subsidiary, BrightHouse (a rent-to-own retailer operating in the United Kingdom).
  • Loxo Oncology acquires drug development program from administrators of RedXJones Day advised biopharmaceutical company, Loxo Oncology, Inc., in connection with its $40 million acquisition of a drug development program aimed at treating leukemia from the administrators of RedX Pharma Plc.
  • American Apparel UK subsidiaries enter administrationJones Day is advising the joint administrators of the retail and wholesale clothing distributor American Apparel (UK) Limited and American Apparel (Carnaby) Limited in respect of the entities' entry into administration and subsequent ongoing trading of the business.
  • AlbaCore Capital co-invests in platform for acquiring European non-performing loansJones Day advised AlbaCore Capital LLP in connection with its co-investment (alongside Lindorff and CarVal Investors) in a platform to invest in unsecured non-performing loans in Europe.
  • Baring Vostok Capital Partners invests in BusforJones Day represented Baring Vostok Capital Partners Limited in connection with its purchase of Convertible Preferred Stock in a private placement by Busfor, an online global bus ticketing platform.
  • Aurelius Group acquires The Hospital GroupJones Day represented the The Aurelius Group, a Frankfurt-based private equity firm, in connection with its acquisition of The Hospital Group, a provider of surgical and non-surgical cosmetic procedures based in Birmingham, UK.
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