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Will Tipping Insolvency & Restructuring


leveraged finance market in New Zealand and the resultant restructure and work out phase. During the last 18 months Will has been at the forefront of two of the largest and most complex restructuring transactions to have ever occurred in New Zealand - MediaWorks and Yellow Pages Group - acting for the senior banking syndicate in each case. Purchased in April 2007 for $2.3bn, Yellow Pages


Group was the subject of the most highly leveraged buy out in Australasian history. Under a restructure completed in January 2011, the senior creditors took ownership via a creditor trust arrangement with the business being valued at $750m. Will, assisted by others at the firm, developed an innovative and understood to be world first restructure implementation method which allowed the restructure to be effected in a single day with only 66 2/3% of original senior creditors being required to approve it under the finance documents. Such method could be achieved outside of court or any formal insolvency process (which would usually require at least 75% creditor approval). The restructure method was endorsed by one of New Zealand's leading commercial QCs. Clients recognise Will for his pragmatic and


Will Tipping is a partner of Mayne Wetherell, a specialist corporate and finance law firm based in New Zealand (www.maynewetherell.com). Formed in 2004, Mayne Wetherell has emerged as


New Zealand’s premier finance firm and quickly gained recognition as a top end corporate (m&a) firm in respect of big ticket transactions. On the finance side, Mayne Wetherell, led by partners Dave Wetherell, Will Tipping and Mei Nah, is regarded as the go-to firm for all complex transactions, including leveraged finance, securitisation and structured finance, project and asset finance, restructuring, work outs and insolvency. On the corporate side, partners Mike Harrod and Simon Horner have acted for clients such as TPG on various New Zealand transactions, for major international forestry investors in respect of a number of significant forestry acquisitions and for Deutsche Bank in terms of its recent acquisition of 49.9% of Craigs brokering. Clients of the firm include New Zealand's largest corporate, Fonterra Co-operative Group Limited, and all of the major trading and investment banks operating in Australasia. Since 2004 Mayne Wetherell, through Will and partner Dave Wetherell, have dominated the


straightforward approach to delivering legal advice. This approach, combined with his versatility of skills across multiple finance practice areas, make him a sought after advisor for all complex finance transactions in New Zealand.


Contact:


Will Tipping Partner


Mayne Wetherell


Tel: +64 9 921 6074 Fax: +64 9 921 6001


Email: will.tipping@maynewetherell.com Website: www.maynewetherell.com


fi MONTHLY MARCH 2011 31


Leading ADVISOR 100


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