Kay V.Morley

Partner

London + 44.20.7039.5156

Kay Morley advises stakeholders on all aspects of insolvency and corporate restructuring with a particular focus on European special situations and complex cross-border restructurings. Kay advises hedge funds and other distressed investors on the acquisition of loan portfolios and the implementation of "loan to own" strategies. She regularly advises debtors in distress and private equity portfolio companies. She also advises insolvency practitioners on domestic and offshore situations.

Representative transactions include advising: an ad hoc group of senior lenders on the US$1 billion restructuring of the Syncreon group, which was implemented using an English scheme of arrangement; Triton on the US$1 billion restructuring of German industrial group Galapagos group; Trafigura on its US$3 billion medium-term note (MTN) program in connection with the restructuring of Nyrstar; an hoc committee of senior noteholders on the restructuring of Algeco; a leading financial institution on the US$1 billion restructuring of Russian railcar operator, Brunswick Rail; BVI liquidators on the restructuring and subsequent sale of a US$1 billion private equity fund with assets in Russia, Georgia and the Balkans; liquidators appointed in Saint Vincent and the Grenadines and St. Lucia on the insolvency of hotel group Harlequin; FTI as receivers on the sale of the Whitgift shopping centre; leading U.S. investment manager on the acquisition and subsequent restructure of certain loans provided to the Cosgrave Property Group; and Bain Capital and Canyon Capital on the acquisition and restructuring of Q Hotels.

Experience

  • Swissport completes cross-border restructuringJones Day has advised sponsor, HNA, on the cross-border restructuring of the air freight and logistics business, Swissport.
  • L Brands announces partnership with Next PLC for Victoria's Secret UKJones Day represented L Brands, Inc. in its partnership with Next PLC for its company-owned Victoria's Secret business in the United Kingdom and Ireland.
  • Joint administrators of The Raphael Medical Centre Limited (in administration) and Glenside Manor Healthcare Services Limited complete pre-pack sale of companies' businesses and assetsJones Day advised Colin Hardman and Kevin Ley of Smith & Williamson in their capacity as joint administrators of The Raphael Medical Centre Limited (in administration) and Glenside Manor Healthcare Services Limited (in administration) in connection with the pre-pack sale of the companies' businesses and assets.
  • Joint administrators of Onwatchmultifire Limited (in administration) complete pre-pack sale of company's businesses and assetsJones Day advised Anthony Wright and Phillip Armstrong of FRP Advisory in their capacity as joint administrators of Onwatchmultifire (UK) Limited in connection with the pre-pack sale of the company's security services and fire protection businesses.
  • Lucid Trustee Services Limited acts as agent and security agent in £450 million restructuring of Survitec GroupJones Day represented Lucid Trustee Services Limited, as agent and security agent, in connection with the £450 million debt and equity restructuring of the Survitec Group, a specialist in the manufacturing of survival and safety solutions in the marine, defense, aviation, and offshore industries in various jurisdictions.
  • High profile entrepreneur secures settlement of complex loan note and inter-creditor dispute claimsJones Day acted for a high profile entrepreneur on the successful resolution of claims against a private equity group arising from breaches of investment and inter-creditor agreements, following defaults under a £20 million loan note.
  • Sumitomo Heavy Industries invests $46 million into Highview PowerJones Day advised Sumitomo Heavy Industries, Ltd., a technology leader in industrial machinery and environmental and power technologies, in its $46 million investment into Highview Power, a global leader in long-duration energy storage solutions.
  • KPMG acts as insolvency officeholder of Caribbean property developer HarlequinJones Day is advising Brian Glasgow of KPMG as bankruptcy trustee of Harlequin Property (SVG) Limited ("HPSVG") and Brian Glasgow and Craig Waterman of KPMG as joint liquidators of Harlequin Resorts (St. Lucia) Limited.
  • Triton completes restructuring of $1 billion of Galapagos debtJones Day advised private equity fund Triton Investment Management Limited in a restructuring of its investment in Galapagos, a German industrial group with customers in 130 countries.
  • Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon groupJones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada.
  • Trafigura acquires majority stake in Nyrstar operating businessJones Day advised Trafigura Group Pte. Ltd. (“Trafigura”), a market leader in the global commodities industry, in connection with its acquisition of a majority stake in the operating business of Nyrstar, a multi-billion dollar global metals business.
  • Cineworld Group completes asset monetization strategies in United States through cinema sale-leaseback transactionsJones Day advised UK headquartered, Cineworld Group PLC in connection with an asset monetization strategy in the United States involving a combined cash consideration of $556.3 million cinema sale-leaseback transactions to convert a substantial portion of Cineworld’s U.S. real estate holdings into cash to leverage its equity and optimize efficiency.
  • FTI Consulting act as receivers in global restructuring of BMI HealthcareJones Day advised Andrew J. Johnson and Chad Griffin of FTI Consulting LLP in their capacity as fixed charge receivers of the share capital in the BMI Healthcare group in connection with the restructuring of the BMI Healthcare business.
  • International Automotive Components Group completes refinancing of Senior Secured NotesJones Day advised International Automotive Components Group, S.A., a leading global supplier of automotive components and systems, in connection with the issuance of $215 million of Senior Secured Notes due 2023 to Gamut Capital Management, L.P. in a private placement.
  • Development bank advised on enforcement of facilities to Kyrgyztan borrowerJones Day advised a leading emerging market development bank on a number of complex cross-border enforcement and recognition issues in respect of a Kyrgyzstani borrower with English law facilities, but relevant security and assets in Kyrgyzstan, Germany, Russia and Uzbekistan.
  • European travel agency restructures after sale to hotel consortiumJones Day advised a leading European travel agency group on its restructuring options following a period of decreasing sales and margins in an increasingly competitive market.
  • OSX Leasing Trustee successfully exports oil and gas vessel from Brazilian watersJones Day is advising the Dutch Trustee in bankruptcy in connection with the oil and gas vessel OSX1, part of the OSX/OGX group, which is subject to bankruptcy protection proceedings in Brazil (and is reported to be its largest ever bankruptcy filing).
  • Investment manager bids for portfolio of Dutch commercial real estate loansJones Day advised an investment manager on its bid for a portfolio of non-performing multiborrower (all German funds) Dutch law loans secured by Dutch commercial real estate being sold by FGH Bank N.V.
  • Paperlinx sells off its business and assetsJones Day is advising Matthew Smith and Neville Kahn of Deloitte LLP in their capacity as joint administrators of various UK Paperlinx companies.
  • Whitgift Centre Croydon sold to Westfield/Hammerson joint ventureJones Day advised FTI Consulting LLP on their appointment as receivers over the Whitgift Centre in Croydon and on its subsequent sale to a Westfield/Hammerson joint venture for an undisclosed sum.
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