Bingham McCutchen LLP announced today that a team of lawyers from its London office, led by partners Barry G. Russell and Tom Bannister, represented the noteholders in the €1.3 billion financial restructuring of the Quinn Group Limited, one of the largest multijurisdictional corporate groups in Ireland.

“We are pleased to have resolved this matter for our clients,” said Russell. “It was an extremely complex matter, one that required bringing together various strands of a wide-ranging financial and operational restructuring in a very high-profile situation.” 

Agreement among the creditors to the operational and financial restructuring of the Quinn Group was obtained through an English law Company Voluntary Arrangement pursuant to which the manufacturing companies within the Quinn Group have been relieved of more than €800 million of debt.

Bingham has represented the private placement noteholders group since 2008. This representation has involved a series of multifaceted issues relating to the appointment of a share receiver over the Quinn Group holding company by Anglo Irish Bank (a nationalised bank), the administration and subsequent sale of Quinn’s insurance subsidiary, and a complete operational and financial restructuring of the Quinn Group. Privately owned, Quinn Group Limited was one of Ireland’s most successful companies, focusing on cement and concrete products, container glass, general and health insurance, radiators, plastics, hospitality, and real estate.

In addition to Russell and Bannister, the following partners worked on this transaction: Angeli Arora (corporate), Tom O’Connor (finance), Davina Garrod (competition) and Stuart Sinclair (tax).