DavidHarding

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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.

Experiencia

  • Joint Administrators of The Body Shop International Limited (in administration) sell business and assetsJones Day advised Geoffrey Rowley, Anthony Wright and Alastair Massey of FRP Advisory in their capacity as joint administrators of The Body Shop International Limited (in administration), an appointee of the shareholder, Aurelius Investment Advisory Limited, in connection with the trading administration and subsequent sale of the company's business and assets.
  • Sumitomo Heavy Industries participates in £300 million investment into Highview PowerJones Day advised SHI, Ltd. (SHI) in connection with its follow-on investment into Highview Power, a global leader in long-duration liquid air energy storage (LAES) plants.
  • Spark Networks obtains chapter 15 recognition of first-ever cross-border restructuring under German StaRUGJones Day represented 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.
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    November 2024 Commentary

    Take Your Seats: Cineworld Draws an Audience in UK High Court

    July 2024 Reprint

    Cross-Border Restructurings and the New Jurisdictional Chessboard (Reorg Research)

    APRIL 2024 Commentary

    The Adler Aftermath: From Colombia to Germany, Junior Creditors Crammed and Compromised

    March 2024 Newsletters

    Adler: English Court of Appeal Overturns Restructuring Plan

    February 2024 Commentary

    Adler: English Court of Appeal Overturns Restructuring Plan

    November 2023 White Paper

    Double-Dip Financings: The Next Wave in European Liability Management?

    February 2023 Commentary

    Sequana: Directors' Duties in a Distressed Landscape

    September 2022 Commentary

    Sanctions Risk and Preserving Distressed Assets in the United Kingdom

    February 2021 Newsletters

    Administration Sales to Be Subject to Further Scrutiny in the United Kingdom

    February 2021 Newsletters

    Business Restructuring Review | January–February 2021
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