Restructurings pick up as Davis Polk makes European bow while Plainer moves to DLA

It’s been an energetic begin to the week for restructuring lateral strikes within the Metropolis, as Sidley co-heads Mark Knight and Jifree Cader have joined Davis Polk, and Adam Plainer, co-chair of Dechert’s international restructuring group, has moved to DLA Piper.

These strikes align with an increase in restructurings, with the newest information from the Insolvency Service exhibiting a slight 2% improve in company insolvencies in September in comparison with the earlier month. 

LB’s most up-to-date restructuring function highlighted that each UK and US corporations are putting an emphasis on strengthening their London practices to advise firms – together with these impacted by latest market disruptions and geopolitical uncertainty – on restructuring and refinancing issues. 

As a part of this effort, Davis Polk has strengthened its London workplace by hiring Authorized 500 main people in company restructuring and insolvency, Cader and Knight, to kickstart its European restructuring providing. 

Chair and managing accomplice Neil Barr described the hires in a press release as a ‘pure subsequent step’. The strikes observe the recruitment of Authorized 500 main particular person for acquisition finance Luke McDougall, former international co-head of finance at Paul Hastings, and personal fairness accomplice Gordon Milne, who joined from A&O Shearman, in Might and August, respectively. 

The market seems optimistic and enthusiastic. Adil Lalani, accomplice at authorized recruitment agency Macrae, described the hires as ‘very constructive.’ He added, ‘Davis Polk is constructing an excellent crew which completely aligns with their US providing.’ 

Freddie Lawson, head of accomplice search at Montresor Authorized, commented: ‘Jifree and Mark are high quality operators and are critically spectacular hires for Davis Polk. Alongside the hires Luke McDougall and Gordon Milne, this has been a recreation altering yr for the agency in London.’ 

Cader and Knight joined Sidley Austin in 2016 and 2019, respectively, after leaving Kirkland & Ellis. Knight spent a short interval from 2017 to 2018 serving as normal counsel at misery platform Pillarstone. 

The pair will be part of Davis Polk’s restructuring follow as companions which at the moment has 13 companions worldwide, in accordance with the agency’s web site. The worldwide restructuring follow is headed by Marshall Huebner and Damian Schaible, each primarily based in New York. 

The information comes after Paul Weiss launched its European restructuring follow in July with the rent of Authorized 500 main particular person Liz Osborne from Akin Gump. A month later, the agency additional expanded its restructuring bench with the rent of Kai Zeng from funding fund Blantyre Capital. 

Cader and Knight, who signify non-public fairness corporations, hedge funds, and different distressed debt and par traders, boast a powerful listing of mandates.  

Final yr, the duo received restructuring crew of the yr on the Authorized Enterprise Awards for his or her position advising China Fortune Land on restructuring $4.96bn in offshore debt by means of an English scheme of association. Additionally they suggested Merced Capital on the restructuring and acquisition of Telford Offshore. This yr, they suggested the retailer Coupang on its acquisition of Farfetch through an English pre-pack rescue deal. 

Shedding its follow co-heads leaves Sidley with simply two devoted restructuring companions in London: Kieran Sharma and Gordon Davidson.  

Nevertheless, the Chicago-based agency has lately garnered consideration with notable hires from Latham, together with 5 sponsor-side leveraged finance companions led by Jayanthi Sadanandan and Sam Hamilton, who joined Sidley final month. 

Elsewhere within the Metropolis, Authorized 500 Corridor of Famer Adam Plainer (pictured) is leaving Dechert to hitch DLA Piper as a accomplice within the agency’s international restructuring follow, beginning in January. Plainer had been at Dechert for 3 years since 2021, following a ten-year tenure at Weil from 2011 to 2021 and eight years at Jones Day from 2003 to 2011. 

‘Purchasers are demanding geographical attain allied with business and sector specialisation and distinctive shopper service and the agency is preeminent in offering this,’ Plainer advised LB. ‘I stay up for working with the groups to reinforce and develop the hyperlinks between the US and the worldwide enterprise.’ 

Bringing with him in depth expertise helping a wide range of firms with their restructuring issues – comparable to credit score and personal fairness funds, authorities businesses, and organisations within the development and power sectors, he’ll deal with shaping the agency’s international restructuring technique. 

In February, Plainer suggested on the rescue of parcel supply firm Yodel, which was acquired by YDLGP with assist from one among its opponents, the logistics platform Shift. Earlier in his profession, he suggested on the administration of British retailer BHS in 2016 and the high-profile collapse of Lehman Brothers in 2008. 

Cader, Knight, Plainer and Osborne all featured in LB’s 2023 restructuring function (‘A brand new period of stress’: Views from Metropolis restructuring companions and what to anticipate from 2024). 

elisha.juttla@legalease.co.uk