International law firm Mayer Brown has launched an asset-based lending group that will combine the firms asset-based lending and receivables financing group with the restructuring, bankruptcy and insolvency team.
This group will enable Mayer Brown to be more agile as it continues to advise on complex, cross-border transactions for worlds largest financial institutions and companies in challenging market conditions, said Dominic Griffiths, the finance partner who is leading the group in London.
The group will include lawyers in New York and London who understand restructuring and insolvency issues. For example, this group has advised Merrill Lynch Capital; acted as administrative agent for a bank consortium participating in the $8 billion debtor-in-possession financing for Lyondell Chemical Co., the largest DIP loan in history; and helped JPMorgan arrange an ABL facility for Office Depot and Liz Claiborne.
In the current market, we are seeing an increasing number of workouts and insolvencies where ABL lenders have exposure, said Marshall Stoddard, co-chair of Mayer Browns global banking and finance practice.
