Nick R.C. Berkeley

NICK BERKELEY advises clients on complex cross-border restructurings and special situations involving stressed and distressed businesses. He represents financial sponsors and debtor-side corporates, as well as a broad range of sophisticated creditors, including hedge funds, banks, credit funds, and noteholders. His practice also includes advising borrowers and lenders on corporate finance and acquisition finance transactions.

Combining a strong financing background with practical restructuring experience, Nick develops innovative restructuring and liability management solutions both within and outside formal restructuring and insolvency processes.

Prior to joining Sidley, Nick gained significant in-house experience, including a secondment to the investment team of a leading European credit-focused hedge fund and a permanent role within the investment team of a private equity firm. In these positions, he advised on a wide range of restructuring and financing transactions, providing him with a commercial perspective that informs his advice to clients.

Selected representative engagements include advising:

Restructuring and insolvency

• Ad hoc committees of bondholders or cross-holders on the LMEs/restructurings of Altice France Group, Standard Profil, Northvolt, Keter Group, Dummen Orange, and Codere.
• Individual bondholders or lenders in relation to the LMEs/restructurings of Stonegate, Jervois, Iver, and Steinhoff.
• On Part 26A restructuring plans, including acting for a hedge fund, as the lead and largest creditor in the Part 26A restructuring plan of the Project Fürst development in Berlin and an ad hoc group of junior creditors on the contested Part 26A restructuring plan of Virgin Active.
• On Chapter 11 proceedings including debtors in the Chapter 11 proceedings of Garrett Motion and FTX, the single largest lender in the Chapter 11 proceedings of Bristow Group and a lender in relation to the Chapter 11 proceedings of Waypoint Group including specifically for its credit bid under section 363 of The Bankruptcy Code.
• The sponsor in connection with its balance sheet restructuring, financings, and certain distressed sales relating to Four Seasons Healthcare.
• A multi-national insurance group in respect of various insolvency, restructuring, and litigation workstreams in relation to Greensill Group.

Leveraged acquisition and complex financings

• A group of hedge funds establishing the debt and equity capital structure for a new litigation fund and follow-up financings.
• A global credit fund in respect of both an exit financing of The Caffè Nero Group and a certain public to private acquisition financing.
• A leading European credit focused hedge fund in respect of a number of leveraged acquisition financings, private credit financings, and bespoke financing transactions (during his secondment).
• Hedge funds and distressed credit funds on rescue financings (including convertible loan financings) for certain European pharmaceutical and auto businesses.
• Family offices on a number of bespoke/complex financings (including margin loans and loans collateralised by high value assets such as fine art and vintage cars).
• A European sponsor on the financings aspects of its sale of certain businesses to CVC.
• Debtors including certain large investment grade automobile and housing companies on certain of their financings and refinancings.
• A major sponsor on the financing aspects of its bid to acquire RPC Group plc.
• A large Japanese multi-national conglomerate on certain of its structured finance transactions.
• Certain debtors in the automotive industry in respect of their respective exit and/or DIP financings.
• The sponsor in connection with the refinancing of Annington Group’s securitization programme with a £3 billion investment grade bond issue, £400 million term loan, and £550 million equity raise.
• The sponsor in connection with the unitranche refinancing of and subsequent sale of Wyevale Garden Centres.

*The above matters were handled by Nick prior to joining Sidley.