Jersey law firm advises on New Look restructuring

Monday 07 December 2020

Walkers has advised on the restructuring of high-street fashion chain New Look.

The firm gave advice on the Jersey law aspects of an extension of the group's working capital facilities to ensure that it has no near-term debt maturities.

Walkers’ team, which worked alongside Allen and Overy, was made up of Group Partner Jon Le Rossignol, Senior Counsel Louise Hamilton and Legal Assistant Matt Tout. 

"The distressed environment that we are currently witnessing is pan-sector but the impact is being particularly felt in retail, where offshore entities are a constant,” Mr Le Rossignol commented.

Pictured: Group Partner John Le Rossignol, who worked on Walkers' New Look team.

“Jersey corporates often sit as obligors in highly complex capital structures in the retail sector, particular where these businesses have been through at least one round of restructuring previously.”

He noted that the firm had noted a “continued uptick in consensual restructuring activity, with a number of live mandates for household names”, such as Travelex, the world’s largest foreign exchange bureau, whose multi-million pound restructuring was recently assisted by Walkers.