Overview

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.
  • LDK Solar Co. Ltd. in its restructuring of more than $700 million in offshore debt by way of inter-conditional Cayman Islands and Hong Kong law-governed schemes of arrangement with Chapter 15 recognition, the first judicially approved multijurisdictional debt restructuring of its kind for a China-based corporate group.
  • The issuer (debtor) in the restructuring of the GRAND (German Residential Asset Note Distributor plc) securitization, which was the largest (by value) European CMBS (€5.13 billion) and the first to be restructured using an English law scheme of arrangement.
  • The ad hoc committee of junior lenders in respect of the restructuring of junior debt and refinancing of senior debt in Viridian Group by a high-yield bond issue.
  • Numerous counterparty creditors in relation to a wide range of unsecured, client money and trust asset claims against Lehman Brothers International (Europe) (in administration) and in respect of all aspects of the administration, including sale and purchase of claims.

Insights & Events

Other Perspectives

Publications

  • "Representing Bondholders in a Restructuring," co-authored with Phillip Taylor, Corporate Rescue and Insolvency, December 2016
  • "Recent Approaches to the Anti-Deprivation Rule and the Ipso Facto Rule in English and U.S. Case Law: Perpetual and Metavante," co-authored with Richard Strachan and Alice Morgan, Global Reference Guide: Bankruptcy & Restructuring, 2011

Leadership & Community

Professional Associations

  • R3
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