July 12, 2020

Volume X, Number 194

Wayne Beck

Wayne Beck brings a wide range of high-level experience to client engagements, including acting for creditors, creditor committees, debtors, insolvency practitioners, banks and other financial institutions, and purchasers of distressed assets in cross-border, multijurisdictional and domestic insolvency, corporate reorganization, recovery, turnaround and litigation matters.

Wayne has also assisted with the restructuring of a number of distressed securitizations and other structured finance products, including distressed collateralized debt obligations (CDOs), structured investment vehicles (SIVs) and commercial mortgage-backed securities (CMBS). He has also regularly advised clients on security and insolvency law aspects of commercial, structured and leveraged finance, particularly with respect to catastrophe bond transactions.

Representative Experience

  • A global card acquirer in connection with the proposed restructuring of a major global airline due to the impact of COVID-19.

  • A bank in its capacity as lender under a revolving credit facility and as swaps counterparty with Intu Properties plc.

  • Deutsche Bank AG, London Branch, as respondent in the latest phase of the landmark Lehman “Waterfall” litigation relating to priority between tranches of subordinated debt, release under a New York law settlement agreement and provability of subordinated future debts.

  • The largest creditor in the Irish law scheme of arrangement of Ballantyne Re plc, an Irish capital markets securitization of a closed block of U.S. life insurance policies – the first use of an Irish scheme to compromise New York law debt.

  • A global card acquirer in connection with the distressed acquisition of Flybe Limited by way of a members’ scheme of arrangement.

  • AlixPartners LLP in their capacity as interim manager of the Abraaj Growth Markets Health Fund following the filing for provisional liquidation of the Abraaj Fund.

  • A creditor in its challenge of the English law scheme of arrangement of Lehman Brothers International (Europe) (in administration).

  • Simon Appell of AlixPartners LLP and Eleanor Fisher of Kalo in their capacity as joint provisional liquidators of Ocean Rig UDW in its successful restructuring of approximately $3.8 billion of financial indebtedness, one of the world’s largest-ever restructurings. The restructuring was implemented through four separate and interconnected Cayman Islands law schemes of arrangement with Chapter 15 recognition.

  • Northwood Investors on the restructuring of a portfolio of properties formerly owned by a fund managed by Highcross Strategic Advisers Limited.

Articles in the National Law Review database by Wayne Beck

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