Karen McMaster

Partner

Contact
F +44 20.7615.3100

London

10 Gresham Street

London, UK EC2V 7JD

T +44 20.7615.3266

F +44 20.7615.3100

As a partner in the firm’s Financial Restructuring Group, Karen assists buy side and distressed investors structure, negotiate and implement investments in distressed, stressed or special situation credits.  She also has experience in all aspects of debt restructuring and reorganisation, from initial contingency planning and options analysis to the implementation and management of complex workouts.

Primary Focus & Experience

Karen assists her clients in identifying, analyzing and developing investment structures which mitigate risk whether that risk arises as a result of a particular position in a capital structure, a backdrop of distress or the nature of the target business (investments in growth or otherwise undeveloped businesses).  Her experience spans a wide range of direct and special situation investment across the credit spectrum.  She also has extensive experience helping creditors navigate various insolvency and reorganization processes, including UK Schemes of Arrangement and CVAs, US chapter 11 and European reorganisation and homologation mechanisms.

Recent notable matters include:

  • Acting for an ad hoc group of noteholders in relation to the restructuring negotiations of the German heat exchange group Galapagos;
  • Acting for a lender lending against intellectual property assets of a European retailer in the context of that retailer’s imminent distress;
  • Acting for a committee of senior creditors in connection with the restructuring of Red Bee Media;
  • Acting for a group of new money investors providing rescue financing to Spanish renewables group Abengoa against the background of Abengoa’s cross border restructuring;
  • Acting for a group of lenders providing growth financing to a global litigation funding business;
  • Acting for a group of second lien creditors in relation to the restructuring of French retailer Camaieu;
  • Acting for a lender lending against intellectual property assets of a European retailer in the context of that retailer’s imminent distress;
  • Acting for the lead investors on the acquisition of the French steel manufacturer Ascometal from its liquidators;
  • Acting for the lead creditor in the restructuring of the German automotive business ATU;
  • Acting for dissenting creditors in the Scheme of Arrangement of Guardian Digital Communications Limited;
  • Acting for a group of senior debt/ cross holders in the refinancing of Spanish gaming company Codere SA’s senior facilities;
  • Acting for subordinated noteholders in the restructuring of the debt facilities of South African gaming company Peermont Global;
  • Acting for Orizonia (formerly Iberostar), a Spanish tourism and travel company in its €640m restructuring;
  • Acting for Seat Pagine Gialle SpA, a listed Italian company in its €2.8bn bond and debt restructuring;
  • Acting, in 2010, for the lender group in the initial €475m restructuring of the Spanish supermarket business, Dinosol Supermercados, S.L. and its subsequent restructuring and sale in 2012;
  • Acting for the lender group in the €1.6bn restructuring of a Belgian directories group, Truvo N.V.;
  • Acting for the lender/bondholder committee (senior and mezzanine) in the restructuring of the Greek casino business Regency Entertainment S.A.;
  • Acting for a group of senior secured bondholders in the restructuring of a Greek telecommunications company, Wind Hellas Telecommunications S.A.;
  • Acting for Actavis Group, an Icelandic pharmaceuticals manufacturing in its €6bn debt restructuring;
  • Acting for a group of unitranche creditors on their acquisition of UK restaurant chain, CDG;
  • Acting for the unitranche creditors of Portuguese cabling company Solidal Condutores in respect of their acquisition of that entity;
  • Acting for a Ukranian steel producer on the restructuring and reorganisation of its debt facilities; and
  • Acting for administrators including the administrators of Woolworths Plc and Lehman Brothers International (Europe).

Recognition & Accomplishments

Karen graduated from the University of Melbourne with a BA and LLB degree. She was admitted as a solicitor to the Law Institute of Victoria in 2001, and is admitted to the roll of Solicitors in England and Wales.

Recent publications include:

  • Co-author, “High-yield intercreditor structures and their impact on negotiating dynamics,” Understanding High Yield Bonds, PEI Alternative Insight, 2014.
  • Co-author, “Truvo” case study in European Debt Restructuring Handbook: Leading Case Studies from the Post-Lehman Cycle, Globe Business Planning, 2013.
Additional Details
Education
  • Melbourne Law School, LL.B.
  • University of Melbourne, B.A.
Admissions
  • England and Wales
  • Supreme Court, Victoria, Australia