Norton Rose Fulbright advises on Restructuring Deal of the Year at IFLR Europe Awards 2021

United Kingdom Press release - Recognition May 2021

Global law firm Norton Rose Fulbright advised on the transaction awarded “Restructuring Deal of the Year” at International Financial Law Review (IFLR) Europe Awards 2021. “Restructuring Deal of the Year” was awarded to the Virgin Atlantic recapitalisation. 

The annual awards recognise the region’s most innovative cross-border deals, teams and firms, as selected by its panel. 

Norton Rose Fulbright advised Delta Air Lines, a significant minority shareholder of VAA, throughout Virgin Atlantic’s recapitalisation, which involved the first use of the new restructuring plan procedure under Part 26A of the Companies Act 2006 introduced in 2020. 

The firm’s advice included the negotiation of the form of shareholders support to be provided, certain commitments to be made to the UK Civil Aviation Authority in connection with the recapitalisation and the process generally, balancing Delta’s interests throughout with those of its fellow shareholder, new investors, and multiple other creditor groups, and the requirements of the regulators.

Chris Randall, corporate partner, who led on the deal commented: 

“We are pleased this ground-breaking matter has been recognised at these prestigious awards. The outcome of the overall recapitalisation was to strengthen the financial position of this key joint venture partner of Delta Air Lines in the face of unprecedented challenges to its business, paving the way for Virgin Atlantic to emerge from the crisis as a profitable airline.”

The Norton Rose Fulbright team also included restructuring partners Mark Craggs and James Dunnett and counsel Gemma Long.

For further information please contact:

Kate Farrell, Public Relations Manager

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