Maples and Calder Wins Award at 2018 Global Restructuring Review Awards
Maples and Calder has once again been recognised for its cross border restructuring expertise on the successful restructuring of Ocean Rig UDW and three of its subsidiaries comprising US$3.7 billion of financial indebtedness.
Following the firm's recent success at the 10th Annual International M&A Advisor Awards in May 2018, where Maples and Calder won "Restructuring of the Year ($1B - $5B)" and "Energy Deal of the Year", the firm has now received the award for "Innovation in Cross-border Insolvency and Restructuring" for its work on Ocean Rig at the GRR Awards 2018. The GRR Awards take place annually and recognise the most important developments in cross border insolvency and restructuring.
In addition to being the largest Cayman Islands cross border debt restructuring, the transaction involved the first ever Cayman Islands schemes of arrangement of foreign incorporated companies and pre-filing COMI shift, and the first use of a Cayman Islands STAR trust in a restructuring.
Maples and Calder acted as lead counsel for the Ocean Rig debtor companies in the Cayman Islands and Orrick Herrington & Sutcliff acted as onshore counsel. Eleanor Fisher of Kalo and Simon Appell of AlixPartners London acted as joint provisional liquidators advised by Sidley Austin and Ogier.
The Maples and Calder Cayman Islands team was led by Partners Caroline Moran, Sherice Arman and Of Counsel Nick Herrod, with Associates Christian La-Roda Thomas and Amanda Lazier. Trusts advice was provided by Partner Ray Davern and Associate Alex Way, corporate advice by Partners Suzanne Correy and Daniel Lee and Irish regulatory advice by Partner Nollaig Murphy and Associate Jacqueline Diamond.
"We are delighted to be recognised once more for our work in this innovative and high profile Cayman Islands restructuring. It further demonstrates our ability to provide first class legal advice in this area," commented Aristos Galatopoulos, Partner and global head of Maples and Calder's Insolvency practice.