Restructuring/Insolvency: Norway

This dedicated team has been successful in securing instructions relating to a number of complex, cross-border restructurings of late. Its experience working within a wide spectrum of sectors makes it a natural port of call for a wide variety of commercial entities and financial institutions. “Members of the team were really able to put themselves in our position and provide an excellent overview of the situation,” say clients. Others praised the firm’s substantial resources. Key clients in this area include Karmsund and Tandberg Data. Jo Rodin has been the key contact for many clients and comes recommended as “an outstanding practitioner and spearhead of the practice.”

This ten-strong team includes four partners regularly engaged as receivers. Previously a niche outfit, the group has grown in recent years, tailoring its offering to the developing financial situation and increasing the resources it offers in this area. While the group does act in restructurings with cross-border elements, it is particularly prominent acting in relation to the largest local bankruptcies. Recent estates, where members of the team have acted as administrators, include Helios, CAR and MTU Gruppen. The lawyers are also regular advisers of Fokus Bank and Handelsbanken. Tom Hugo Ottesen heads the practice and is recommended by clients for his ability to manage hefty mandates within this area.

This specialised insolvency boutique offers a streamlined yet highly skilled team. Sources agree the firm is distinguished by its focus and visibility within this field. Clients praise the group’s efficiency and high service levels. “The team displayed great passion and determination on our behalf,” reported one. The group’s key practitioners are “in a class of their own,” say sources. Knut Ro and Ståle Sommernes are established market leaders within this area and clients benefit from their vast combined experience.

This 11-strong team has a distinguished track record focusing on this field. It has seen a significant rise in insolvency-related instructions and has assisted a number of leading financial institutions with matters in this area. “The team was very constructive in its approach and concentrated on finding solutions which benefited all parties,” clients noted. It is experienced on both domestic and cross-border mandates. Key clients include Storebrand Bank, Nordea, First Securities and Sparebank 1 Gruppen. Jeppe Normann is highly appreciated by clients for his extensive experience in restructuring and insolvency matters. Jon Skjørshammer “delivers results in a straightforward and commercial manner,” according to clients. Thomas Steen Brandi also receives praise for his skill in this practice area and ability to handle sizeable mandates.

This firm is highly recommended for major restructurings. “We received excellent support throughout the process. The team met the challenge by being highly proactive and suggesting measures to solve each stage of the situation,” say clients. Work highlights include the successful restructurings of Hansa property group, Estatia Group and several arms of the Brynestad Group. Commentators agree that Leif Petter Madsen is one of the country’s leading practitioners within this area. “He is extremely practical in his handling of these issues and is a real authority in the field,” sources agree. "Smart and fast" Marius Gisvold is praised for his international experience and outstanding negotiation skills.

This team of nine elicits warm praise from clients. They describe the group as “dedicated, knowledgeable and committed to putting in the necessary resources to achieve our goals.” Though the lawyers do not act as receivers, they are frequently engaged in matters relating to insolvency and corporate recovery. The work stream has included a number of mandates with cross-border elements, particularly in relation to the UK and US markets. Key instructions from the past year include acting for the Norwegian subsidiary of Glitnir in a significant refinancing relating to its divestiture and sale. The team has also advised Aker in relation to its global corporate restructuring. Richard Sjøqvist is recommended for financial restructuring.

This team of ten works closely with the firm’s corporate and finance groups. It benefits from its regional footprint, with cross-border mandates often handled jointly with the firm’s UK, Dutch and Belgian outposts. Notable mandates of late include the appointment of Siv Sandvik as a member of the public administration board of the Norwegian branch of Kaupthing. She is renowned among commentators for her skill in this area. Clients benefit from her familiarity with the international arena.

Haavind has made a number of appointments in this area over the past year and now offers a dedicated team of seven. The group includes several members who are frequently appointed as trustees and has a strong profile regarding this type of work. It has, however, received a varied work stream which has included a number of cross-border insolvency mandates. For example, the firm assisted Kværner with multi-jurisdictional restructuring and liquidation matters. Clients enthuse over its high service levels, describing the team as “responsive, efficient and able to combine commercial understanding with sound legal knowledge.” Inger Marit Borch heads the department.

With a number of leading financial institutions among its clients, this substantial team has been a natural choice for lenders. It does however also receive instruction from a broad range of industrial players and private equity outfits. Clients praise the lawyers’ understanding of their situation, noting: “The team was very good at anticipating our needs without us having to spell everything out.” Clients include Norske Skogindustrier, RBS and the Norwegian Ministry of Industry. Ståle Gjengset and Leif Moltke-Hansen are the contacts for the department.