Akin Gump Advises Ad Hoc Committee of Noteholders on Important Step in the Metrocentre Restructuring

Akin Gump advised the Ad Hoc Committee of Noteholders of Metrocentre’s £485 million 8.75 percent Secured Fixed Rate Notes in relation to a restructuring transaction involving a transfer of the ownership of the Metrocentre Group, which owns the Metrocentre shopping complex. The Metrocentre is one of Europe’s largest covered shopping and leisure destinations, located in Gateshead, U.K. 

The restructuring represents the final steps to transition the Metrocentre Group from the ownership of Intu Properties plc, which entered into administration in June 2020.  Akin Gump has advised the Ad Hoc Committee since 2020, alongside a team at EY-Parthenon.

The Akin Gump team was led by London financial restructuring partner Emma Simmonds who commented: “We are thrilled that Akin Gump has been able to assist in helping to stabilise the future of Metrocentre, a shopping and leisure hub which has regional and national significance. This was truly a cross-practice team effort with our financial restructuring, finance, corporate and tax teams working together on a complex and technical deal, in close collaboration with our co-advisers at EY-Parthenon.”

The wider Akin Gump team advising the Ad Hoc Committee included corporate partner Simon Rootsey, finance partner Clare Cottle, financial restructuring counsel Caoimhe Kennedy, tax counsel Matthew Durward-Thomas, corporate counsel Dougall Meston, financial restructuring associate Diana Dai, finance associate Sarah Challen McKee and corporate associate Alla Barford.

The EY-Parthenon team was represented by Henry Beech, Alan Hudson, Lenny Brown, Alex Jones, CFA, George Apostolikas, Alice Fanner (financial restructuring), Fergal O'Reilly (Real Estate Corporate Finance) and Richard Ross, Zofia Porter, Xiaolu Chen, Kian Cheng, Alex Jamieson (Tax, UK and Singapore).

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

 # # #