Philip Hertz

PHILIP HERTZ serves as the leader of Sidley’s international restructuring team. He has over 35 years of experience in restructuring and insolvency. His practice spans the full stakeholder spectrum, advising corporates, sponsors, distressed investors, senior lenders, and other creditor groups.

He has acted across a broad range of sectors, including energy and infrastructure, aviation, retail, telecommunications, insurance, and financial services. Philip has particular experience in complex cross-border restructurings involving financial services businesses and other highly regulated entities.

Philip is recognized as a leader in his field, with a Band 1 rankings in Chambers UK 2026, Chambers Europe 2026, and Chambers Global 2026 for Restructuring/Insolvency. Client praise includes: “Philip is a mastermind who is able to distil complex issues into commercial advice. Put simply, he is one of the most knowledgeable restructuring attorneys I have ever met, and I have met many,” and “Philip’s seniority in restructuring is unquestionable” (Chambers UK 2026). He is also recognized by Legal 500 UK 2026 in the “Hall of Fame” for Corporate Restructuring and Insolvency.

Examples of Philip’s work include advising:

General Cross-Border-Related

• Harbour Energy plc in respect of the acquisition of Waldorf Energy (in administration), including in respect of Waldorf’s contested English and Scottish part 26A restructuring plan proceedings.
• The RCF lender steering committee in respect of the restructuring of Intrum, implemented via dual Swedish reorganization and US Chapter 11 proceedings.
• Two teams of independent turnaround executives in respect of the complex recapitalization of the Eagle Football Group, a high-profile international multi-club structure.
• The Super Senior RCF lenders to the Lowell GFKL Group in respect of its financial restructurings.
• Prosafe on its multi-jurisdictional consensual restructuring.
• Gategroup in relation to an innovative part 26A restructuring plan to restructure the group’s financial indebtedness.
• Fintech food delivery businesses Getir and Gorillas in respect of European exit arrangements.
• Senior securitization lenders to the Stenn Group in relation to the insolvent liquidation of seller and servicer entities and subsequent marshalling of assets and related claims.
• Senior securitization lenders to the Prax Group in relation to the liquidation and administration of seller and servicer entities and subsequent marshalling of assets and related claims.
• A prominent UK alt-net on a substantial capital raise and associated corporate governance structure amendments and contingency planning.
• Senior creditors to Gigaclear, in respect of its recapitalization and debt-to-equity transaction.
• Senior creditors to KCOM in respect of its recapitalization and debt-to-equity transaction.
• Senior creditors to Videndum plc in respect of its recapitalization and debt-to-equity transaction, including related listing rule and disclosure issues.
• Senior RCF Lenders to AFE/Anacap in relation to its financial restructuring.
• Carlyle on the restructuring of Accolade Wines.
• The directors of Sizewell C in relation to the government support package and financing arrangements in respect of the 3GW UK nuclear power plant.
• The Official Receiver and Special Managers in relation to the trading liquidation of NRS Healthcare, a national interest case.
• Private credit lenders to the EnerMech Group (multinational oil and gas services) in relation to the restructuring of its financial debt.
• UK retailer Matalan on its 2023 comprehensive recapitalization and on its 2020 £50 million CLBILS liquidity raise and associated English scheme of arrangement.
• Communisis Group in relation to the Chapter 11 filing of its parent company and the subsequent pre-packaged administration sale of its UK and European businesses.
• Certain key senior lenders to Vroon, a Dutch shipping group, in relation to the group’s cross-border restructuring process, including via a Dutch WHOA and English scheme.
• The Official Receiver and Special Managers in relation to the trading liquidation of a UK power station and associated litigation, a national interest case.
• Chrysoar/Harbour Energy in relation to its reverse takeover and associated restructuring of Premier Oil plc, utilizing a part 26A restructuring plan.
• The UK Department for Transport on the COVID-19 impact on the airline and airports sector, including in relation to the Virgin Atlantic part 26A restructuring plan, the first such plan implemented in the UK.
• A prominent European hedge fund in relation to the US$1 billion court-based UAE restructuring of JBF RAK, a multinational plastics manufacturer.
• The coordination committee of senior secured lenders in relation to the US$2 billion Nyrstar restructuring implemented via a mix of consensual arrangements and English schemes of arrangement.
• Lessors to Malaysia Airlines in relation to the restructuring of the airline through a UK scheme of arrangement.
• Lessors to Garuda Airlines in relation to the restructuring of the airline through an Indonesian PKPU processand an English scheme of arrangement.
• Nordic Aviation Corp. in relation to a novel scheme of arrangement to effect a waiver and deferral across multiple facilities and lenders and also in relation to its subsequent balance sheet restructuring.
• UK Government in relation to Flybe Limited.
• Codere SA in relation to its second scheme of arrangement, including the successful defense of a challenge to the scheme on class and fairness grounds.
• An ad hoc group of noteholders in relation to their holding of notes issued by Intu (SGS) Finance plc.
• Fosun, Thomas Cook Group plc’s largest shareholder, on its attempted recapitalization and restructuring of Thomas Cook.
• The partners of Deloitte on the possible pre- or post-pack sale of the business and assets of Debenhams Retail Limited.
• The senior lenders to Carillion in relation to its attempted restructuring and its ensuing liquidation following the appointment of the Official Receiver and Special Managers.
• Official Receiver/Special Managers of British Steel Limited in relation to the trading liquidation and sale of a national interest asset.
• British Energy plc in relation to a £1.3 billion restructuring of its business.
• The senior lenders to House of Fraser in relation to its attempted restructuring and the administrators subsequently appointed in respect of House of Fraser in relation to the sale of the business to Sports Direct and ongoing matters.
• The ad-hoc committee of noteholders and new money providers with respect to the multijurisdictional restructuring of Abengoa SA. Involving US Chapter 11, Spanish Homologation and English CVA processes.
• The management board of Scholz Group Holding GmbH in relation to the restructuring of its financial indebtedness.
• APCOA in relation to the restructuring of its financial indebtedness and its two innovative schemes of arrangement.
• A co-ordinating committee of senior lenders in relation to the restructuring of Autobar.
• A co-ordinating committee of senior lenders in relation to the restructuring of Metrovacesa.
• An ad hoc committee of senior lenders in relation to the restructuring of Promotora de Informaciones, SA (Prisa).
• Senior co-ordinating committee in the relation to the restructuring of SEAT PG SpA.
• Senior lender co-ordinator in relation to the restructuring of BTC/Vivacom.
• Co-ordinating committee of senior lenders in relation to the restructuring of Rodenstock GmbH.
• Second Lien Lenders to H.C. Starck in relation to the restructuring of that company’s financial indebtedness.

Financial Services Related

• Security Benefit Insurance Company and Hudson Structured Capital Management as bondholders of Randall & Quilter Insurance Holdings Ltd (R&Q) in relation to the restructuring of the R&Q insurance group and the sale of Accredited Insurance Holdings Inc. to Onex Partners.
• Prospective provisional liquidators to a major insurance group in Bermuda as part of contingency planning pending the restructuring of that group.
• Provident Financial PLC on a scheme of arrangement to compromise customer redress against two of its subsidiaries. The scheme is novel given the sheer number of creditors involved – there are over 4.5 million customers who can vote on the scheme of arrangement.
• Link Fund Solutions Ltd. (LFSL), advised the authorized corporate director of c.£90 billion of UCITS funds, in relation to a Financial Conduct Authority investigation and its high-profile contested consumer redress scheme, implemented via an FCA-supported scheme of arrangement.
• Morses Company Limited in relation to a potential scheme of arrangement to cauterize its consumer redress exposures.
• The Co-operative Bank on all aspects of the successful completion of its recent restructuring, including by way of innovative scheme of arrangement and consent solicitation.
• Reliance National Insurance Company (Europe) Limited in relation to a solvent scheme of arrangement to address medical malpractice insurance liabilities to various Italian hospitals.
• Cinven in relation to its investments in and exposure to Eurovita SpA, an Italian insurer.
• Stronghold Insurance Company Limited (in administration) in relation to the implementation of a successful scheme of arrangement and Chapter 15 recognition injunction to enable the agreement or determination of claims against the company in the shortest practicable time.
• East West Insurance Company Limited (in administration) with respect to the efficient administration of certain building guarantee insurance policy liabilities, including negotiation with the PRA, FCA, and FSCS.
• Lehman Brothers: numerous financial institutions in connection with the Lehmann Brothers insolvencies.
• Equitas Limited and the Equitas Trustees in relation to the US$7 billion reinsurance transaction between National Indemnity Company to Equitas Limited and the innovative and groundbreaking Part VII transfer of the 1992 and prior year non-life liabilities of Names to Equitas Insurance Limited.
• The board and administrators of Chester Street Insurance Company Limited on the drafting, formulation, and implementation of an innovative contingent scheme of arrangement.
• The administrators of Highlands Insurance Company (UK) Limited in relation to the on-going administration of the company, including the implementation of innovative schemes of arrangement between the company and its direct assureds and the company and its reinsureds.
• The New Hampshire liquidator and UK provisional liquidators on the formulation and implementation of a cross-border scheme of arrangement and issues relating to the ongoing cross-border insolvency.
• The provisional liquidators of Folksam AB in relation to cross-border insolvency issues.
• Ambac UK in relation to financial and regulatory issues.
• Scottish Lion Insurance Company Limited in relation to its appeal to the Inner House of the Court of Sessions in relation to the requirements for sanctioning a solvent scheme.
• The board and/or officeholders of KWELM, English and American, Bermuda, Fire & Marine, Anglo American, Med Re, St. Helen’s, and Fremont in relation to the formulation and implementation of insolvent reserving and/or closure schemes of arrangement.
• The board of various insurers and reinsurers, including Arig (UK), ING Re (UK), The Mercantile & General Insurance Company Limited, La Salle Reinsurance Company Limited, and various Aon Pools, in relation to the formulation and implementation of solvent closure schemes of arrangement.
• Amaca Pty Limited and Amaba Pty Limited, two Australian creditors of the insolvent HIH Insurance Group in relation to a groundbreaking appeal to the House of Lords of a judgment of the Court of Appeal refusing permission to the UK HIH provisional liquidators to remit UK-based assets to Australia to be distributed as part of the Australian liquidation.
• Armour Group in relation to Elite Insurance Company Limited.

The above matters were handled prior to joining Sidley.

• Member of INSOL International, III, Insolvency Lawyers Association, and R3.
• Past president and council member of the Insolvency Lawyers Association.

• Trustee, Chai Cancer Charity
• Trustee, Norwood